In an economy without international trade, we can expect total output to equal
a. consumption spending plus investment spending plus government purchases
b. consumption spending minus leakages
c. the sum of leakages and injections
d. consumption spending plus investment spending
e. total spending minus leakages and injections
A
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American textile manufacturers and union members have often lobbied successfully for restrictive quotas limiting the importation of textile products. The major impact of these quotas is
a. a permanent reduction in unemployment in the United States. b. lower prices for American consumers and an improvement in the quality of textile products available. c. higher prices for American consumers, a narrower selection of products, and less competition in the U.S. textile industry. d. long-run profits in the U.S. textile industry that are substantially above market equilibrium.
In the long run, a monopolistically competitive firm will:
a. produce more than a perfectly competitive firm. b. suffer an economic loss. c. earn positive economic profit. d. produce less than a perfectly competitive firm.