International trade is the major cause of rising income inequality in the United States
Indicate whether the statement is true or false
FALSE
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Graphs are useful because of the way they
A. facilitate interpretation and analysis of data. B. clarify interpretation and analysis of ideas. C. permit a person to easily see relationships. D. convey an idea that might otherwise take many words. E. All of these responses are correct.
Suppose that for each firm in the competitive market for potatoes, long-run average cost is minimized at 20¢ per pound when 500 pounds are grown. If the long-run supply curve is horizontal, then
A) some firms will enjoy long-run profits because they operate at minimum average cost. B) the long-run price will be 20¢ per pound. C) each consumer will purchase $100 worth of potatoes. D) the long-run price will be set just above 20¢ per pound.
Refer to the accompanying figure. It is efficient for this farmer to:
A. grow 1,000 bushels of wheat and 500 bushels of corn. B. grow 250 bushels of wheat and 500 bushels of corn. C. grow 500 bushels of wheat and 500 bushels of corn. D. grow 500 bushels of wheat and 250 bushels of corn.
In the short run, a trade deficit allows more consumption, but in the long run, a trade deficit is a problem because the:
A. domestic currency will appreciate. B. country eventually will consume more and produce less. C. country eventually has to produce more than it consumes in order to pay foreigners their profits. D. country eventually will sell all its financial assets to foreigners.