In the long run import quotas do not affect the size of net exports
a. True
b. False
Indicate whether the statement is true or false
True
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A benefit of unions is that they
A) increase firm profits. B) increase the stability of the workforce. C) increase wage inequality. D) restrict the labor market.
If resource suppliers and demanders find out that the actual price level exceeds the expected price level, they will take corrective actions that will: a. cause the economy to move away from the potential output level
b. raise the unemployment level above the natural rate of unemployment. c. shift the aggregate demand curve of an economy. d. shift the short-run aggregate supply curve of an economy. e. lower the actual price level.
Which of the following is true?
a. under the partnership form of business organization, the owners are not personally liable for the debts of the business. b. when employees also own a business, their incentive to shirk is removed. c. the limited liability of stockholders under the corporate business structure makes it easier to raise equity capital. d. under the corporate form of business organization, the owners of the firm are personally liable for its debts.
If a purely competitive firm shuts down in the short run:
A. its loss will be zero. B. it will realize a loss equal to its total variable costs. C. it will realize a loss equal to its total fixed costs. D. it will realize a loss equal to its explicit costs.