The simultaneous export and import of widgets by the United States is an example of
A) intra-industry trade.
B) increasing returns to scale.
C) imperfect competition.
D) inter-industry trade.
E) the effect of a monopoly on international trade.
A
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According to ________, when real GDP is ________ percentage points greater than potential GDP, the unemployment rate is one percentage point ________ the natural unemployment rate
A) Okun's Law; four; below B) Keynes' Law; two; below C) Phillip's Law; four; above D) Say's Law; two; above E) Okun's Law; two; below
In principle, a list of absolute necessities should change regularly over time
Indicate whether the statement is true or false
Market equilibrium is: a. defined as the condition in which there is neither a shortage or surplus
b. defined as the condition under which the separately formulated plans of buyers and sellers exactly mesh when tested in the market. c. represented graphically by the intersection of the supply and demand curves. d. all of the above.
An increase in the demand for steel occurs. As a result, firms in the steel industry will
A. experience no change in their demand for capital. B. decrease their demand for capital. C. decrease both output and their demand for capital. D. increase their demand for capital.