Which of the following is true of a common market?
A. There is free movement of capital and labor among the member countries.
B. The member countries export similar products to the non-member countries.
C. The member countries do not import goods from the non-member countries.
D. The member countries have identical monetary and fiscal policies.
Answer: A
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Suppose all firms in an industry are identical. In the long run, entry and exit guarantee that all firms will have zero
a. marginal cost. b. average cost. c. economic profit. d. accounting profit.
Trade deficits always lead to future decreases in consumption if the trade deficits
A) support current investment. B) support current consumption. C) require borrowing from abroad. D) support either current investment or current consumption.
The marginal productivity theory of income states that a person's total income is determined by
A) how much the individual works. B) how profitable the firm the individual works for is. C) how much the individual has inherited. D) the amount and productivity of factors of production the individual owns.
An economist would classify 100 shares of Apple Computer stock as capital
a. True b. False