China is the only country that runs large trade surpluses
Indicate whether the statement is true or false
FALSE
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If the income elasticity of demand for a good is 0.5, then
a. it is a normal good, and its demand curve will shift to the left if buyers' incomes increase b. it is a normal good, and its demand curve will shift to the right if buyers' incomes increase c. it is an inferior good, and its demand curve will shift to the right if buyers' incomes increase d. it is an inferior good, and its demand curve will shift to the left if buyers' incomes increase e. there is insufficient information to determine whether the good is normal or inferior
In long-run monopolistic competition,
a. economic profit is zero b. P = MC = ATC c. P = ATC at the minimum point on the ATC d. normal profit is zero e. the demand curve is tangent to the MC curve
Some of the crowding out of private expenditures may come in the form of
A) an increase in consumption. B) an increase in net exports. C) a decrease in taxes. D) a decrease in net exports.
The currency owned by commercial banks is included in the money supply.
Answer the following statement true (T) or false (F)