Question

1. You operate a monopolistically competitive firm and you notice that your company is making an economic profit. Which of the following is most likely to happen?

Government regulators will investigate your firm for “excessive economic profit.”

Other firms will enter your industry and your demand curve will shift left.

Other firms will enter your industry and your demand curve will shift right.

Your firm will be forced to exit the industry.

Other firms in your industry will raise their prices. 2. About what percent of the U.S. income is earned in wages and benefits? 40 60 33 67 72 3. The following table identifies the real value of exports, imports, and gross domestic product (GDP) for a country for three different years, measured in billions of dollars. Use the table to answer the following questions: Year Exports Imports GDP 1990 434.00 400.00 2,170.00 2000 499.10 480.00 2,712.50 2010 459.01 560.00 3,255.00 Based on the table, the value of exports ________, the value of imports ________, and the value of the trade balance ________. increased; increased; increased increased; decreased; increased increased; decreased; decreased decreased; decreased; increased increased; increased; decreased 4. Use the following scenario to answer the following questions: An economy has two workers, Smith and Ricardo. Each day they work, Smith can produce 4 computers or 16 smartphones, and Ricardo can produce 6 computers or 12 smartphones. The opportunity cost for Ricardo to produce one smartphone is ________ computer(s). one two one-quarter of a one-half of a four

Answer 1

$Screenshot_20210518_065800.JPG$