The term economy refers to the structure of economic life, or economic activity, in a community, a region, a country, a group of countries, or the world
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true
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If a country were to experience an increase in its factors of production, its production possibilities frontier would shift outward
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For firms selling in competitive markets, the marginal revenue product curve slopes downward only because of increasing marginal returns to the resource
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One year a country has positive net exports. The next year it still has positive but larger net exports
a. its trade surplus fell. b. its trade surplus rose. c. its trade deficit fell. d. its trade deficit rose
When interest rates fall
a. firms want to borrow more for new plants and equipment and households want to borrow more for homebuilding. b. firms want to borrow more for new plants and equipment and households want to borrow less for homebuilding. c. firms want to borrow less for new plants and equipment and households want to borrow more for homebuilding. d. firms want to borrow less for new plants and equipment and households want to borrow less for homebuilding.