Like profit-seeking, rent seeking is also a productive activity and contributes to the growth of the economy
a. True
b. False
Indicate whether the statement is true or false
False
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Production under increasing opportunity costs can result from the two industries using factors of production in different combinations
Indicate whether the statement is true or false
In international trade, one country's gain is another country's loss
a. True b. False Indicate whether the statement is true or false
The answer to the question of whether or not a U.S. dollar will buy more in the U.S. or in a foreign country is determined by:
A. whether the nominal exchange rate is > or < than 1. B. you cannot determine the answer until you travel to the foreign country and convert U.S. dollars to the foreign currency. C. the real exchange rate. D. the nominal exchange rate.
Of all the money spent on farm price supports, about ______ percent goes to large corporate farms.
A. 25 B. 50 C. 75 D. 95