We shouldn't be concerned about U.S. currency held abroad because
A. it represents an interest-free loan to the United States.
B. foreigners can't spend it in their own countries.
C. foreigners use it to buy U.S. bonds.
D. the currency will never return to the United States.
Answer: A
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In the case of the production of electronic calculators, introduced in the United States in the 1960s,
A. a technological breakthrough reduced the input quantities needed to produce them. B. quantity demanded increased significantly as prices fell. C. production costs fell with advances in technology. D. All of the responses are correct.
Suppose there are two members of the U.S. Congress who were once economics professors. Why is it important to be able to distinguish their positive from their normative statements about economic policy? a. Their positive statements help us understand the economy's response to a particular policy, while their normative statements reflect their value judgments. b. Their positive statements help
us understand the good results of a policy change, and their normative statements help us understand the negative results. c. We really do not have to worry about them since trained economists never make normative statements. d. Economists are always making assumptions, and policy should not be based on assumptions.
Monopolistically competitive markets feature heterogeneous products
a. True b. False Indicate whether the statement is true or false
Which of the following is the formula for total economic profit?
a. (P* x ATC) ÷ q* b. (P* – ATC) × q* c. (P* – MC) × q* d. (P* x MC) ÷ q*