The price feedback effect explains how an increase in the price level in one country can drive up prices in other countries, which, in turn, further increases the price level in the first country.
Answer the following statement true (T) or false (F)
True
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If profit is commonly defined as "total revenue minus total cost," then
A) there is no way to measure losses. B) a negative profit implies a loss. C) losses can only be measured as "total cost minus total revenue." D) profits must always equal losses.
The sale of
A) a used textbook does enter GNP. B) a used textbook does not enter GNP, but the sale of a used house does. C) both a used textbook and a used house do not enter GNP. D) a used house does not enter GNP, but the sale of a used book does. E) the GNP does not include sale of used items priced below $1000.
Which of the following is least like a monopoly
a. Twitter b. YouTube c. Facebook d. Google
The graph shown demonstrates a tax on sellers. How many fewer units are being sold due to the imposition of a tax on this market?
A. 15
B. 16
C. 31
D. 37