The average trade balance from 2005 through 2008 was $____________ billion which was reduced to $____________ billion in 2009.
Fill in the blank(s) with the appropriate word(s).
700; 421
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Suppose the cost curves in the above figure apply to all firms in the market. Then, if the initial price is P1, in the long run the market
A) demand will increase. B) demand will decrease. C) supply will increase. D) supply will decrease.
Suppose a firm is a natural monopoly. Then, until the long-run average cost curve crosses the demand curve, as the quantity increases the long-run average costs
A) increase. B) decrease. C) decrease and then increase. D) increase and then decrease.
At the point on the demand curve at which marginal revenue = 0, the absolute value of the coefficient of the price elasticity of demand is:
A) > 1. B) = 1. C) < 1. D) = 0.
A linear demand curve has a:
A. slope which is the same as the elasticity. B. constant slope, but changing elasticity. C. changing slope, but constant elasticity. D. constant slope and a constant elasticity, but they need not be equal.