If a nation is a net importer it means that the:
A) nation only imports goods and services and does not export any good.
B) nation only imports those goods in which it has an absolute disadvantage.
C) nation's imports are worth more than exports over a given period of time.
D) nation prohibits the import of goods and services that can be produced domestically.
C
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Which of the following is a characteristic of perfect competition?
a. substantial barriers to entry b. homogeneous products c. few sellers d. each firm has significant control over the market
A period of decline in total output, income employment, and trade, lasting six months or longer, is defined as a:
a. Secular trend b. Business cycle c. Trough d. Recession
If the effective rate of protection is greater than the nominal rate of protection, there must be tariffs on intermediate products
Indicate whether the statement is true or false
For a particular product, an effective price ceiling results in
A. demand equal to supply. B. quantity supplied greater than quantity demanded. C. quantity demanded equal to quantity supplied. D. quantity demanded greater than quantity supplied.