If every country specializes in what it produces best and then trades, more will be produced than if each country tries to produce everything for its own needs.
Answer the following statement true (T) or false (F)
True
Increased total world output occurs since trade allows each country to produce at a lower opportunity cost, boosting overall production and incomes.
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Which of the following is not a correct statement?
a. the United States has twelve Federal Reserve districts. b. less than one-half of U.S. private banks are members of the Federal Reserve System. c. the members of the Board of Governors of the Fed are appointed by the U.S. president for 14-year terms. d. the U.S. Senate must approve any major change in Fed policy.
If a surplus accumulates as the result of agricultural support prices, the government must buy it; otherwise the support price cannot be maintained
Indicate whether the statement is true or false
Which of the following phrases indicates that income is being spoken of?
A. Tuesday, at 12:30 p.m. B. July 14, 1948 C. From January 1 to March 30 D. Yesterday afternoon
Decision makers in oligopolistic firms must devise a strategy. One that yields the highest benefit, regardless of what the other players do is a
A) pricing strategy. B) rule-of-thumb strategy. C) dominant strategy. D) revenue strategy.