?All of these are characteristics of a competitive industry, except:

A country can gain by importing a good from abroad even if that good can be produced more efficiently at home. Is this statement true?

What will be an ideal response?

One problem with keeping the CPI basket fixed is it:

A. doesn't accurately isolate price changes from behavior changes. B. doesn't allow for changes in people's preferences over time. C. can't properly predict when prices will change. D. doesn’t really capture what a typical household may purchase in a base year.

Along a straight-line production possibilities curve:

a. the opportunity cost of production of a good is zero b. the opportunity cost of production of a good falls as its output increases. c. the opportunity cost of production of a good rises as its output increases. d. the opportunity cost of production of a good is constant.

Which of the following is downward-sloping?

a. both the long-run Phillips curve and the short-run Phillips curve b. neither the long-run Phillips curve nor the short-run Phillips curve c. the long-run Phillips curve, but not the short-run Phillips curve d. the short-run Phillips curve, but not the long-run Phillips curve