Increased opportunities for trade increase production by
A. Protecting countries from competition.
B. Shifting the production possibilities curve outward.
C. Encouraging countries to be self-sufficient.
D. Improving efficiency through specialization.
Answer: D
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GDP is used by economists to measure
A) the market value of final goods and services produced over a particular time period. B) the overall well-being of society enjoyed over a particular time period. C) the overall efficiency of the macro economy over a particular time period. D) the economic strength of the nation.
If the government breaks up a constant-cost, nondiscriminating monopoly into a perfectly competitive industry, what would we expect with regard to output and price?
a. Output and price will decrease. b. Output will increase and price will decrease. c. Output and price will increase. d. Output will decrease and price will increase. e. No change.