In an open economy net exports must always be positive
a. True
b. False
Indicate whether the statement is true or false
False
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According to the writer William Gibson, "The future is already here – it's just unevenly distributed." By this he means that:
a. Internet access, for example, is available to some but not to all b. Innovation access is readily available to all c. The low-income countries are catching up to the rich countries d. New technologies spread at an even pace
Average costs curves initially fall
a. Due to declining average fixed costs b. Due to rising average fixed costs c. Due to rising fixed costs d. Due to rising marginal costs
Exclusion of which of the following tends to understate the true level of unemployment in the economy?
a. Children. b. Retired persons. c. Students. d. People who do not want to work. e. Discouraged workers.
In ____, each competing firm is determined to sell at a price that is lower than the prices of its rivals, often regardless of whether that price covers the pertinent cost.
A. market skimming B. a monopoly C. a price war D. perfect competition