What do most economists believe about international trade?
a. It benefits all participants with no one harmed in the country.
b. It benefits only big corporation but harms everyone else in a country.
c. It benefits the majority of people but some people are harmed.
d. It benefits no one and harms many people in the economy.
c. It benefits the majority of people but some people are harmed.
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The producer can raise the level of profit by hiring more units of a resource if:
a. the marginal revenue product of the resource is equal to the marginal factor cost. b. the marginal factor cost becomes negative. c. the marginal revenue product of the resource is greater than the marginal factor cost. d. the marginal revenue product falls to zero. e. the marginal revenue product of the resource is less than the marginal factor cost.
Some economists who consider monopoly to be both inevitable and bad are inclined toward a policy of ___________ if regulation of the monopoly seems ineffectual
a. contestable market b. price controls c. countervailing power d. creative destruction e. nationalization