In the United States, all property is privately owned
a. True
b. False
Indicate whether the statement is true or false
False
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A trade deficit means ________.
A. the capital account debit is larger than the credit B. the financial account debit is larger than the credit C. the current account debit is larger than the credit D. the reserve account debit is larger than the credit
The above figure shows the U.S. market for replacement cell phone batteries. With free trade, U.S. production is equal to ________ batteries per year
When a $2 tariff is in place, U.S. production is equal to ________ batteries per year. A) 900,000; 700,000 B) 300,000; 100,000 C) 100,000; 500,000 D) 300,000; 500,000 E) 100,000; 300,000
In the short run, which one of the following causes a competitive firm to hire more labor?
A) an increase in wage rate B) an increase in the output price C) a specific tax imposed on the firm's output D) a decrease in the output price
Vertically integrated firms can use transfer pricing
A) to avoid government price controls. B) as a way to compensate managers for transferring among departments in a vertically integrated firm. C) to avoid paying market prices for inputs. D) to shift profit.