During the antebellum period, the U.S. used more economic output and resources than were domestically available during expansions and less during contractions. International trade assisted during these cyclical times
Indicate whether the statement is true or false
True
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A perfectly competitive firm has a random marginal cost with a 50 percent chance of a high marginal cost of $10, a 30 percent chance of a marginal cost of $8, and a 20 percent chance of a low marginal cost of $5. What is the firm's expected marginal cost?
A) $7.80 B) $8.00 C) $9.20 D) $8.40
Which of the following remedies can be used to prevent the beekeeper and the farmer from breaking the contract?
a. Separating the ownership and management of the bees and trees. b. Merging the ownership and management of the bees and the trees. c. Providing the farmer a larger share of the net benefit received from the contract. d. Providing the bee keeper a larger share of the net benefit received from the contract.
The practice of buying a foreign currency with one currency then reselling it to buy yet another currency
a. creates disequilibrium in the foreign exchange market b. is illegal in the U.S. c. is arbitrage d. is impossible because the foreign exchange market creates general equilibrium among exchange rates e. leads to mutually inconsistent exchange rates
The rule of 70 states that
A) it takes an economy 70 years to double its real GDP. B) the number of years it takes an economy to double in size is 70 divided by the growth rate. C) the number of years it takes an economy to double in size is the growth rate times 70. D) the number of years it takes an economy to double in size is the growth rate divided by 70.