A change in consumer taste will prompt a change in _____.
Fill in the blank(s) with the appropriate word(s).
demand
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A change in the price level ________ the AE curve and ________ the AD curve
A) results in a movement along; shifts B) shifts; results in a movement along C) shifts; shifts D) has no effect on; results in a movement along E) results in a movement along; results in a movement along
The Heckscher-Ohlin model predicts all of the following EXCEPT
A) the volume of trade. B) which country will export which product. C) which factor of production within each country will gain from trade. D) that relative wages will tend to become equal in both trading countries. E) that trade increases a country's overall welfare.
According to the purchasing-power parity theory, differences in domestic inflation rates are a major cause of exchange rate movements.
Answer the following statement true (T) or false (F)
In long-run equilibrium for a perfectly competitive industry, firms earn ________ economic profits and produce ________.
A. positive; inefficiently B. zero; inefficiently C. positive; efficiently D. zero; efficiently