Suppose that real GDP starts at 200 and grows at a rate of 9 percent per year for two years. In the third year real GDP would be

Monopolization of both the labor market and the output market results in

A) higher wages than when both are competitive. B) a higher output price than when both are competitive. C) a lower level of output than when both are competitive. D) All of the above.

The above figure shows the supply and demand curves for rice in the U.S. and Japan. Assume there is no trade between the two countries. If bad weather causes the supply curves in each country to shift leftward by the same amount, then

A) the price will increase in both countries. B) the price will decrease in both countries. C) the change in price cannot be determined. D) None of the above.