If S = 200, T = 700, G = 950, and NX = -200, this makes net domestic investment
A) 150.
B) -150.
C) 50.
D) -50.
E) 650.
A
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Any event that causes either the demand curve or the supply curve to shift will also change the equilibrium price and quantity.
Answer the following statement true (T) or false (F)
If a producer can use resources to produce either good A or good B, then A and B are
A) complements in production. B) substitutes in production. C) substitutes in consumption. D) complements in consumption.
Which of the following best describes a command economy?
A) An economy that is characterized by barter trade of goods and services B) An economy where strong controls are imposed by the ruling authority C) An economy in which resources are allocated through the price mechanism. D) An economy in which there are a few privately owned firms
For a perfectly competitive firm, at profit maximization
A) production must occur where average cost is minimized. B) market price exceeds marginal cost. C) total revenue is maximized. D) marginal revenue equals marginal cost.