The long-run supply curve in a competitive market is upward sloping
Indicate whether the statement is true or false
False. The shape of the long-run supply curve will depend on how similar the firms are and on the relationship between factor prices and total industry output.
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Refer to Figure 19-7. Which of the following is true?
A) Indian exports to the United States are more expensive at exchange rates greater than $.02/rupee than at the equilibrium exchange rate. B) U.S. imports are more expensive at exchange rates greater than $.02/rupee than at the equilibrium exchange rate. C) To achieve an exchange rate greater than $.02/rupee, the Reserve Bank of India must buy surplus dollars with rupees. D) The rupee is overvalued at exchange rates less than $.02/rupee.
In the late 19th century, interest rates in the U.S.:
a. tended to remain relatively constant throughout the year. b. tended to increase in the summer and decrease in the winter. c. tended to increase in the fall and winter, and decrease in the spring and summer. d. tended to rise steadily from winter through summer, and then decrease in the fall.
Suppose a budget line is drawn with X on the horizontal axis and Y on the vertical axis. A decrease in the price of X will cause:
a. an increase in the vertical intercept and no change in the horizontal intercept. b. a decrease in the vertical intercept and no change in the horizontal intercept. c. an increase in the horizontal intercept and no change in the vertical intercept. d. a decrease in the horizontal intercept and no change in the vertical intercept. e. a parallel, rightward shift of the budget line.
A majority of the world's energy supply today comes from fossil fuels, such as coal, oil, and natural gas.
Answer the following statement true (T) or false (F)