U.S. exports are:
A. U.S. goods sold to foreigners.
B. Foreign goods bought by Americans.
C. U.S. goods sold to Americans.
D. Foreign and U.S. goods sold to foreigners, but consumed in the U.S.
A. U.S. goods sold to foreigners.
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As a percent of GDP, the total U.S. federal debt has been declining since World War II
Indicate whether the statement is true or false
A single-period duopoly firm can choose output level A or B. The firm decides it will produce level A regardless of what the other firm produces. This decision may occur because
A) producing the output level A is a dominant strategy. B) this firm has simply decided to always produce at level A. C) Both A and B are possible. D) None of the above.
When economists refer to capital, they might mean
a. money b. human skills used in production c. stocks d. bonds e. bank loans
Positive economics is a method of inquiry that attempts to explain the observable, and is limited to verifiable statements, while normative economics suggests a course of action that we should take based on a particular set of values and preferences
a. True b. False Indicate whether the statement is true or false