Because almost all economists oppose policies that restrict trade among nations, policymakers do not restrict imports of certain goods
a. True
b. False
Indicate whether the statement is true or false
False
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A supply curve is a:
A. graph that visually displays the supply schedule. B. graph depicting various price-quantity combinations of multiple goods. C. graph that shows the quantities of a particular good or service that producers will sell at one price. D. table that displays various price-quantity combinations of a good or service.
When the marginal costs of firms in perfect competition increases, the short-run supply curve of the industry will shift to the left
a. True b. False Indicate whether the statement is true or false
Applied to perfectly competitive labor markets, the marginal principle tells firms to hire workers until:
A. the marginal revenue product of the last worker hired equals the wage. B. marginal productivity begins to diminish. C. average total costs are minimized. D. the price of the product equals the wage of the worker.
When there are two large open economies, the world real interest rate will be such that
A. desired international lending by one country equals desired international borrowing by the other country. B. desired international lending will be the same in both countries. C. desired international lending and borrowing will be zero in both countries. D. desired international borrowing will be the same in both countries.