If the demand curve for a product shifts to the right and the supply curve for the product shifts to the left, equilibrium price and equilibrium quantity will both increase
Indicate whether the statement is true or false
FALSE
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In recording an accounting transaction in a double-entry system
A. the number of debit accounts must equal the number of credit accounts. B. there must only be two accounts affected by any transaction. C. there must always be entries made on both sides of the accounting equation. D. the amount of the debits must equal the amount of the credits.
When economies of scale are present,
A. costs per unit decline as output expands. B. the government feels responsible for breaking up the firm. C. firms always make handsome profits. D. costs fall as the size of the product is increased.
The United States has no comparative advantage in shipping, so a domestic shipping industry has no reason to exist
a. True b. False Indicate whether the statement is true or false
Nations would gain from trade if a(n) _________ exists
a. absolute advantage b. exchange rate c. specialization d. comparative advantage e. terms of trade