Autarky is a situation in which a country
A) only imports products. B) only exports products.
C) does not trade with other countries. D) has no absolute advantage in any production.
C
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The LRAC curve generally is
A) shaped as an upside-down U. B) U-shaped. C) upward sloping. D) downward sloping.
Which of the following statements is most accurate?
a. Most economic historians believe that the policies of the federal government were an important cause of the Great Depression. b. Most economic historians believe rapid increase in inequality caused the Great Depression. c. The US experienced a relative absence of cyclical unemployment and was relatively free from the mass joblessness that had previously plagued the nation. d. More homogenous communities chose to have higher taxes to fund schools.
Answer the following statements true (T) or false (F)
1. The transactions demand for money will decrease when income decreases, but it is not much affected by interest rates. 2. Holding money as an asset presents a risk of capital loss. 3. There is an asset demand for money because households and business firms use money as a store of value. 4. A decrease in the nominal GDP, other things remaining the same, will decrease both the total demand for money and the equilibrium rate of interest in the economy. 5. If nominal GDP is $2,000 billion and the amount of money demanded for transactions purposes is $500 billion, then on average each dollar will be spent about four times a year.
For a monopolist, marginal revenue ________ price.
A. is greater than B. always equals C. is less than D. is first greater than and then less than