High sunk costs in the jet aircraft market has assured Boeing of a monopoly in the production of jets for the air travel market.
Answer the following statement true (T) or false (F)
False
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The fraction of additional income spent on imports is called the marginal propensity to import
Indicate whether the statement is true or false
The value of the price elasticity of supply depends primarily on how quickly firms can acquire inputs to increase quantity supplied when price increases
Indicate whether the statement is true or false
If farmers operating in the competitive wheat industry are incurring losses, and are not kept in business with government subsidies, which of the following will result?
A) Price and quantity produced will both increase in the long run. B) Resources will be reallocated out of the wheat industry into more productive uses. C) Farmers will run economic losses indefinitely, if they are rational. D) The supply of wheat will fall to near zero and the U.S. will become dependent on foreign suppliers of food.
In the balance of payments, any transaction that leads to a receipt by a resident of a country is a
A) minus item. B) debit item. C) surplus item. D) deficit item.