A college must decide if it wants to offer more adult literacy classes. This decision involves answering the economic question of "what to produce."
Indicate whether the statement is true or false
TRUE
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If the market price is $5 and you are currently producing at a level where average total cost is $3 and falling, you should
a. b or c, it doesn't matter b. shut down c. produce only enough to cover variable costs d. produce where MR = MC e. produce until the average total cost and average revenue are equal
Purchasing-power parity theory does not hold at all times because
a. many goods are not easily transported. b. the same goods produced in different countries may be imperfect substitutes for each other. c. Both a and b are correct. d. prices are different across countries.
A voluntary export restraint occurs when one country prevents a specific product from being imported from another country.
Answer the following statement true (T) or false (F)
Which of the following summarizes the transactions involving the international exchange of goods and services, investment income, and other miscellaneous transactions?
A. Balance of trade B. Statistical discrepancy C. Current account D. Capital account