Refer to the information provided in Figure 33.5 below to answer the question(s) that follow.
Figure 33.5Refer to Figure 33.5. The domestic price of oil is $130 per barrel. If the world price of oil is $120 per barrel, this country will
A. export 5 million barrels.
B. import 14 million barrels.
C. export 19 million barrels.
D. import 19 million barrels.
Answer: B
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When the long-run average cost curve is downward sloping,
A) economies of scale are present. B) diseconomies of scale are present. C) the firm experiences constant returns to scale. D) the average fixed cost curve must be upward sloping. E) The premise of the question is wrong because long-run average cost curves never slope downward.
A measure of how much the coefficient would vary in regressions based on different samples is called:
A) standard error of the estimated coefficient. B) F-statistic. C) partial F-statistic. D) t-statistic.
As long as wage increases do not exceed labor productivity growth rates, a stable price level should be the result
a. True b. False Indicate whether the statement is true or false
Using the income approach, the largest portion of GDP is:
a. employee compensation. b. net interest. c. rent. d. profits. e. depreciation.