From 1890 to 2010, countries with lower levels of real GDP per person than the United States all had growth rates that are lower than that of the United States.
a. true
b. false
Ans: b. false
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From 1992, America’s trade performance was marked by a(n)
A. reduced current account deficit. B. increased current account deficit. C. reduced capital account surplus. D. increase in the growth of exports.
Which statement is false?
A. The two basic ways that unions have of exerting power is inclusion and exclusion. B. A smaller percentage of the labor force is members of unions today than 35 years ago. C. Collective bargaining is the main arena of the power struggle between labor and management. D. None of the statements are false.
Sellers can gain profits from price discrimination because
A. Charging different prices based on willingness to pay can increase revenues without increasing costs. B. Total revenues are maximized when all buyers pay the same price. C. Total expenses are less with price discrimination. D. Different prices charged to different customers can lower total revenue.
Suppose the price elasticity of supply for crude oil is 2.5. How much would price have to rise to increase production by 20 percent?
A. 8 percent B. 12.5 percent C. 20 percent D. 45 percent