If a country engages in trade with other countries, it is known as
A. An open economy.
B. A closed economy.
C. A democracy.
D. A market economy.
Answer: A
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Describe the changes in the variables that will cause supply for a product to decrease, shifting the supply curve up and to the left
What will be an ideal response?
The long-run average cost curve shows the lowest possible average cost for each output level, given that all inputs are variable.
Answer the following statement true (T) or false (F)
An increase in the price of input used to produce a product will lead to
A) a decrease in the demand for that product. B) a decrease in quantity supplied of that product C) a decrease in the supply of that product. D) an increase in the supply of that product.
In the United States between 2000 and 2015, the Gini coefficient
A. Increased, indicating less income inequality. B. Decreased, indicating less income inequality. C. Decreased, indicating greater income inequality. D. Increased, indicating greater income inequality.