Trade between nations usually means that
a. one country is richer than another.
b. one country becomes richer while the other becomes poorer.
c. both trading nations show some gains.
d. one trading country is trying to "beggar its neighbor."
c
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The profit-maximizing monopolist will operate in a price range over which
A) demand is elastic. B) demand is inelastic. C) the price elasticity of demand is less than 1. D) supply is elastic.
The marginal productivity principle says that a profit-maximizing firm should
a. hire capital until its marginal product is zero. b. hire labor until another worker costs more to hire than she can earn for the firm. c. hire the quantities of capital and of labor at which their marginal products are equal. d. hire capital until its marginal product is negative.
The self-correcting tendency of the economy means that falling inflation eventually eliminates:
A. exogenous spending. B. recessionary gaps. C. expansionary gaps. D. unemployment.
Monopolistic competition is a market structure characterized by many small firms selling a homogeneous product.
Answer the following statement true (T) or false (F)