Imports tend to fall whenever a nation's currency appreciates because foreign products become more expensive to domestic consumers
Indicate whether the statement is true or false
FALSE
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Rational production decisions require an understanding of
A. trade-offs. B. opportunity costs. C. scarcity of resources. D. All of the responses are correct.
Under conditions of oligopoly, economies of large-scale production mean that: a. firms are able to sell all of the output they desire
b. it is difficult for a firm to determine its profit-maximizing price and output. c. large firms would find it more profitable to break up into smaller production units. d. small firms are at a disadvantage in competing with relatively large firms.
If the price of pizza falls, the demand for pizza will rise
a. True b. False Indicate whether the statement is true or false
Which statement is true?
A. Almost one-half of the world's population lives in less developed countries. B. The economies of most of the NICs are growing very slowly. C. The output of the United States today is smaller than it was in 1990. D. The U.S. education system is second to none.