The total indebtedness of the federal government in the form of outstanding interest-earning bonds is the
a. budget deficit.
b. budget surplus.
c. national debt.
d. trade deficit.
C
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In the long run, a firm will exit an industry if the market price is less than its
a. break-even price. b. shutdown price. c. marginal cost. d. fixed cost.
Which of the following is not a reason why firms experience economies of scale?
A) Workers and managers can become more specialized, enabling them to be more productive. B) As output increases, the managers can begin to have difficulty coordinating the operations of their firms. C) Technology can make it possible to increase production with a smaller increase in at least one input. D) Larger firms may be able to purchase inputs at lower costs than smaller competitors.
Given the information in the table above, if the world equilibrium price of widgets were 4 cloth, then
A) both countries could benefit from trade with each other. B) neither country could benefit from trade with each other. C) each country will want to export the good in which it enjoys comparative advantage. D) neither country will want to export the good in which it enjoys comparative advantage. E) both countries will want to specialize in cloth.
The federal government of the United States was established as a federation of the governments of the original thirteen states
a. True b. False