At equilibrium, the market will clear, with no surpluses or shortages occuring
Indicate whether the statement is true or false.
Answer: True.
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Use the following table to answer the question below. Jane's Production Possibilities SchedulePounds of Green BeansPounds of Corn08020604040602080 0If Jane produces 40 pounds of green beans, she can produce ________ pounds of corn.
A. 40 B. 60 C. 0 D. 20
With regard to the subject matter of American economic history, Hughes and Cain (2011) suggest that
(a) the presence of the highest living standards known in world history supports the claim that American history is largely a "success story." (b) the American economy is an economy with only successes but no failures. (c) U.S. history provides a fragmented record of problem-solving and problem-producing solutions to the challenges of economic development. (d) there is no link between today's economy and the economy of yesteryear.
If there are only two firms in an industry, the value of the Herfindahl index must be 5,000
a. True b. False
Whenever exports exceed imports (and other planned injections equal other planned leakages), the economy
a. remains stable. b. expands. c. contracts. d. deflates.