If a country bans the importation of a particular good, the market equilibrium is shown by the intersection of the foreign demand curve and the domestic supply curve.
Answer the following statement true (T) or false (F)
False
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The marginal product of labor equals the change in ________ from a one-unit increase in the quantity of labor
A) total product B) average product C) total cost D) the slope of the average product curve E) the wage rate
Which of the following is true? a. The Rule of 70 says that the number of years necessary for a nation to double its output is approximately equal to the nation's growth rate divided by 70. b. Economic growth is usually measured by the annual percent change in the nominal output of goods and services per capita. c. An increase in labor input necessarily increases output per capita
d. Neither the initial development process nor the sustained growth of an economy is dependent on a large natural resource base.
When Congress agreed to raise the debt ceiling during the economic meltdown in the United States in 2011, it temporarily averted a shutdown crisis, but the deal they reached to do so created the _____.
A) risk-return relationship B) fiscal cliff C) bottom-up budgeting D) niche barrier
The underlying reason why gasoline prices at neighboring stations are usually identical is that
A. these operators are usually friends and benefit from the other's presence. B. collusion is prevalent in the energy sector. C. because under oligopoly, it can be in each firms best interest to independently charge a price equal to their competition's price. D. collusion is legal in the energy sector.