Refer to the scenario above. Plutoland's current account would show a balance of ________
A) $14 billion B) -$6 billion C) -$10 billion D) $4 billion
C
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For a given level of inflation, if concerns about future weakness in the economy cause businesses to reduce their spending on new capital, then the ________ shifts ________.
A. short-run aggregate supply line; upward B. aggregate demand curve; left C. short-run aggregate supply line; downward D. aggregate demand curve; right
Refer to Figure 9-3. What is the value of the deadweight loss as a result of the quota?
A) $5.25 million B) $8 million C) $17.25 million D) $20 million
If an industry experiences economies of scale in production, then entry into the market by other firms is easy
a. True b. False Indicate whether the statement is true or false
A firm in a perfectly competitive industry is producing 50 units, its profit-maximizing quantity. Industry price is $2, total fixed costs are $25, and total variable costs are $40. The firm's economic profit is
A) $15. B) $30. C) $35. D) $60