From an economic standpoint, _______________ includes all natural resources used in the production process.
a. labor
b. supply
c. capital
d. land
d. land
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Which of the following best explains why monopolistically competitive firms face a downward sloping demand curve while perfectly competitive firms do not?
A) Monopolistically competitive firms sell a differentiated good. B) Monopolistically competitive industries have only a few firms. C) Monopolistically competitive firms have barriers to entry. D) Only industries with free entry and exit have firms that face horizontal demand curves.
Which of the following represents a good time for a country's government to use its fiscal policy to increase taxes:
A. While the economy is expanding B. When a recession lasts too long C. When inflation is too high D. While the economy is contracting
Figure 4-24
Refer to . The price that buyers pay after the tax is imposed is
a.
P1.
b.
P2.
c.
P3.
d.
impossible to determine from the figure.
If the exchange rate between the United States and Portugal changes from $1 = 1 euro to $1 = 2 euros, then holding everything else constant, the price of U.S. goods in Portugal will decrease.
Answer the following statement true (T) or false (F)