Which of the following is FALSE about services trade for India and China?
A) China exports more services than India does.
B) India has a trade surplus in services.
C) China has a trade surplus in services.
D) India trades primarily information services and other business services.
C
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Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
The supply curve for a perfectly competitive firm is the portion of its marginal cost curve that lies above the average variable cost curve
Indicate whether the statement is true or false
Monetarism is a school of thought put forth by Milton Friedman. He argued that the economy would most likely
A) be below potential GDP. B) be above potential GDP. C) be unstable. D) be at potential GDP.
This graph represents the cost and revenue curves of a firm in a perfectly competitive market.
According the graph shown, the firm's most efficient scale of operation is to produce quantity:
A. Q1. B. Q2. C. Q3. D. Any quantity as long as P1 is charged.