If the rates of return in a particular country appear to be relatively low, then that country will tend to attract funds from abroad
a. True
b. False
Indicate whether the statement is true or false
False
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A firm will expand the amount of output it produces as long as its
A) average total revenue exceeds its average total cost. B) average total revenue exceeds its average variable cost. C) marginal cost exceeds its marginal revenue. D) marginal revenue exceeds its marginal cost.
Which of the following is an example of an autonomous spending change?
A) An increase in investment caused by a technological innovation B) An increase in consumption caused by an increase in interest income C) An increase in tax revenue caused by a rise in GDP D) An increase in saving caused by a rise in income
In the long run, firms in a competitive market
A) shut down because profit goes to zero. B) lose money. C) are not profit maximizing. D) earn zero economic profit.
A person starts her own business. She quits her $40,000 a year job, rents an office for $15,000 a year, pays wages and salaries of $50,000 a year, utilities of $4,000 a year, and materials of $20,000
She uses her own car for sales work rather than leasing an equivalent car for $6000 a year. If revenues are $140,000, her accounting profit and economic profit are respectively A) $45,000 and $11,000. B) $45,000 and $5000. C) $51,000 and $5000. D) $51,000 and $45,000.