If a resource has a perfectly elastic supply curve then its income is termed as:
a. economic rent.
b. rental rate of capital.
c. rental income.
d. annuity.
e. transfer earnings.
e
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The economy pictured in the figure has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; A B. recessionary; C C. recessionary; B D. expansionary; A
Answer the following statements true (T) or false (F)
1) All methods of entry into a foreign market require managers to conduct due diligence. 2) In joint venture, it is not possible for one firm to purchase the other partner's share at any point. 3) Master franchising allows firms to maintain control over local operations. 4) Bribes, payoffs, and extortion are common and accepted ways of everyday life in some countries. 5) A German company whose stock is publicly traded in the United States is not subject to the Foreign Corrupt Practices Act.
When the U.S. dollar depreciates against other currencies:
a. foreign goods become less expensive to U.S. buyers. b. U.S. goods become more expensive to foreign buyers. c. foreign currencies depreciate against the U.S. dollar. d. the volume of U.S. imports decline. e. the volume of U.S. exports decline.
Which of the following statements is true regarding Temporary Assistance to Needy Families (TANF)?
a. States set the level of welfare benefits they will provide to the poor, and the federal government guarantees some support. b. Since TANF began, the number of needy families receiving benefits has almost doubled. c. Federal dollars are fixed for each state, which may use the money for any antipoverty programs as long as there is a work requirement. d. The federal government’s welfare spending rises and falls depending on how each state sets its welfare contributions.