Just before the Asian crisis, Thailand had large current account deficits.
Answer the following statement true (T) or false (F)
False
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A perfectly competitive firm is more likely to shut down during a recession, when the demand for its product declines, than during an economic expansion, because during the recession it might be unable to cover its
A) fixed costs. B) variable costs. C) external costs. D) depreciation due to machinery becoming obsolete.
An economy produces only food and shelter. There are two individuals in the economy: Bill and Mary. Mary's opportunity cost of producing 1 unit of shelter is 2 units of food. Bill's opportunity cost of producing 1 unit of shelter is 4 units of food
A) Bill has a comparative advantage over Mary in the production of shelter. B) Mary has a comparative advantage over Bill in the production of food. C) Mary has a comparative advantage over Bill in the production of shelter. D) Bill has an absolute advantage over Mary in the production of shelter.
The productivity of land is the most important factor that determines the standard of living of a country
a. True b. False Indicate whether the statement is true or false
Sweden and Norway are usually described as ________________ economies.
Fill in the blank(s) with the appropriate word(s).