A country's current account
A) balance equals the change in its net foreign wealth.
B) balance equals the change in its foreign wealth.
C) surplus equals the change in its foreign wealth.
D) deficit equals the change in its foreign wealth.
E) balance equals its GNP.
A
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In face of a negative supply shock, the Fed may avoid a rise in unemployment only if it is willing to increase the rate of inflation
Indicate whether the statement is true or false
If an insurance company hires a resource in a perfectly competitive resource market and it wants to maximize profit, it will hire where marginal revenue product equals
a. the price of the resource, which equals its marginal resource cost b. the price of the resource, which is greater than its marginal resource cost c. the price of the resource, which is less than its marginal resource cost d. marginal product e. the price of the product
Marginal cost curves and average cost curves are both purely upward sloping
a. True b. False Indicate whether the statement is true or false
When an industry is a natural monopoly,
a. it is characterized by constant returns to scale. b. it is characterized by diseconomies of scale. c. a larger number of firms may lead to a lower average cost. d. a larger number of firms will lead to a higher average cost.