If the price level in any country increases by 15 percent during a year, then the price index for that year will be 85 as compared to the base year
a. True
b. False
Indicate whether the statement is true or false
False
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Competitive firms earn zero profit in the long run when
A) entry is completely free. B) entry is limited. C) Both A and B. D) Neither A nor B.
If Korea is capable of producing either shoes or soccer balls or some combination of the two, then
a. Korea should specialize in the product in which it has an absolute advantage. b. it would be impossible for Korea to have an absolute advantage over another country in both products. c. it would be difficult for Korea to benefit from trade with another country if Korea is efficient in the production of both goods. d. Korea's opportunity cost of shoes is the inverse of its opportunity cost of soccer balls.
Natural resources
a. are inputs provided by nature. b. include land, rivers, and mineral deposits. c. take two forms: renewable and nonrenewable. d. All of the above are correct.
If total government tax collections equal $200 billion, transfer payments equal $75 billion, and government interest payments equal $10 billion, then net taxes equal:
A. $275 billion. B. $115 billion. C. $125 billion. D. $190 billion.