In the United States, imports have exceeded exports in every year since 1979
a. True
b. False
A
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GDP is
A) a perfect measure of the value of production. B) an imperfect measure of the standard of living. C) the only factor that affects our standard of living. D) a perfect measure of the standard of living. E) a measure which includes the value of all newly produced goods and services.
Which of the following indicates that there is a shortage in the market?
A) Demand is rising. B) Demand is falling. C) Price is rising. D) Price is falling.
If the resource prices faced by a firm rise, the result is a(n)
a. decrease in supply b. increase in supply c. decrease in demand d. increase in quantity demanded e. decrease in quantity supplied
One answer to the problem of natural monopoly is provision of the good by a government-owned and operated firm. Why is that option not used very often?