The output of Mexican citizens who work in Texas would be included in the
A) gross domestic product of Mexico.
B) gross national product of Mexico.
C) gross national product of the United States.
D) net national product of the United States.
Answer: B
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Collective bargaining between unions and employers often lead:
A) to wages that are lower than what workers would have received at equilibrium. B) to reduction in the unemployment rate. C) to wages that are higher than what workers would have received at equilibrium. D) to wages equal to what workers would have received at equilibrium.
What is the difference between perfect competition and monopolistic competition?
A) Perfect competition has a large number of small firms while monopolistic competition does not. B) Perfect competition has barriers to entry while monopolistic competition does not. C) Perfect competition has no barriers to entry, while monopolistic competition does. D) In perfect competition, firms produce identical goods, while in monopolistic competition, firms produce slightly different goods. E) In monopolistic competition, firms produce identical goods, while in perfect competition, firms produce slightly different goods.