Countries should specialize and import goods in which they have a comparative disadvantage
a. True
b. False
Indicate whether the statement is true or false
True
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As a price change persists over a long period of time, we should expect the demand elasticity to fall.
Answer the following statement true (T) or false (F)
Prices set too low can actually be against the public interest
a. True b. False Indicate whether the statement is true or false
When entry barriers into a market are high,
a. a monopolist will always be able to make an economic profit. b. rival firms will enter and drive price down to the level of per-unit costs if the firms in the market are making economic profit. c. entry into the market will not take place, at least not quickly, even if the firms currently in the market are making economic profits. d. the producers in the market will have little or no incentive to produce efficiently (at a low cost).
The Fed can decrease the money supply by conducting open-market
a. sales or by raising the discount rate. b. sales or by lowering the discount rate. c. purchases or by raising the discount rate. d. purchases or by lowering the discount rate.