In the classical model, even when a country runs a trade deficit, Say's law holds
a. True
b. False
A
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Based on the figure above, if the firm produces 10 cans per day, the firm ________ maximizing its profit and is ________
A) is; incurring an economic loss B) is; making zero economic profit C) is; making an economic profit D) is not; incurring an economic loss E) is not; making zero economic profit
Assume that an individual consumes only hotdogs and colas and that the last hotdog consumed yields 15 utils and the last cola 10 utils. If the price of a hotdog is $1 and the price of a cola is $.50, we can conclude that the:
a. consumer should consume more hotdogs and less cola. b. price of hotdogs is too high. c. consumer should consume fewer hotdogs and more cola. d. consumer is in equilibrium.
If the income elasticity for a particular good is 0.8, we would expect to see that good
a. taxed more often b. consumed in wealthier countries c. on supermarket shelves d. consumed in high-income neighborhoods e. consumed in low-income communities
What does the Herfindahl-Hirschman Index measure? How is it calculated?