Structural problems associated with globalization are no longer a concern for policy makers or economists.
Answer the following statement true (T) or false (F)
False
The necessary adjustments have not taken place to allow the economy to fix the structural problems that have plagued it for the last 20 years; this has only made the problems associated with globalization a larger concern.
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If there are no trade restrictions, a country will import a particular good if
a. domestic quantity supplied equals domestic quantity demanded at the world price b. there is excess domestic quantity demanded at the world price c. world quantity supplied is less than world quantity demanded d. world quantity supplied is greater than world quantity demanded e. domestic quantity supplied is greater than domestic quantity demanded at the world price
A positive economic profit signals that the investors of a firm should divert their funds to alternative ventures
a. True b. False Indicate whether the statement is true or false
In a market economy, _____ own(s) all the basic resources or factors of production
a. households b. the federal government c. the Federal Reserve bank d. the local government e. business firms
Aggregate supply is defined as
a. how much the economy can produce at zero unemployment. b. an amount of output the economy will produce at full employment. c. the relationship between the expenditures schedule and the leakages schedule. d. the relationship between the price level and the quantity of real GDP supplied.