International trade forces countries to consume a combination of goods that is inside their production possibilities curve
a. True
b. False
Indicate whether the statement is true or false
False
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Which of the following is not a characteristic of "perfect" markets?
A) Buyers and sellers can transact with each other directly if transaction costs are set at an appropriate level. B) Securities are infinitely divisible. C) Buyers and sellers know the true quality of what they are buying and selling. D) All of the above are characteristics of perfect markets.
Refer to the information above. What is the value of the firm's capital stock at the end of period 5?
A) 612.5 B) 106.75 C) 175 D) 89.25
What is a positive effect of advertising?
A. It promotes economic concentration in industry. B. It reduces economic efficiency in the economy. C. It provides information that reduces search costs. D. It is designed to persuade rather than inform consumers.
Output Total Cost015125233340448558670
Refer to Table 5.5. The marginal cost of the third unit of output is:
A. $0. B. $7. C. $8. D. $40.