Free trade is, in essence, a roundabout way to wealth based upon comparative advantage
Indicate whether the statement is true or false
T
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If there is just one producer in an industry where the average total cost curve declines throughout the output range up to where it intersects the industry demand curve: a. the industry will be a natural monopoly
b. charging a price equal to marginal cost would entail economic losses for the producer. c. charging a price equal to average cost would entail a welfare cost. d. All of the above would be true.
The reserve ratio represents the proportion of deposits that a bank wishes to hold with itself
a. True b. False Indicate whether the statement is true or false
Price cannot fall so low that some sellers choose to supply a quantity of zero
a. True b. False Indicate whether the statement is true or false
If the t statistic for the presence of a unit root in a variable is ?7.22 and the 5% critical value is ?2.86, there is strong evidence against a unit root in the variable.
Answer the following statement true (T) or false (F)