If a nation is going to achieve and sustain a high rate of economic growth, it must
a. prohibit low-wage foreign producers from supplying goods to the domestic market.
b. have an abundant domestic supply of low cost energy resources.
c. have a mechanism capable of attracting savings and channeling them into wealth-creating projects.
d. impose regulations that will limit the intensity of competition among domestic firms.
C
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Which of the following is NOT a characteristic of a perfectly competitive industry?
A) There are large numbers of buyers and sellers. B) The firms in the industry produce a homogeneous product. C) Sellers have better information about the product than consumers. D) Any firm can enter or leave the industry without serious impediments.
The main function of a platform firm is to
A) deal with the government on behalf of sellers. B) link producers with consumers. C) perform collective bargaining with sellers on behalf of buyers. D) create entry barriers for an industry on behalf of existing firms.