An increase in the price level in the United States will reduce exports and increase imports
Indicate whether the statement is true or false
TRUE
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A measure of all the satisfaction you receive from all the coffee that you consume is your
A) marginal utility of coffee. B) marginal utility per dollar spent on coffee. C) total utility from coffee. D) marginal utility per dollar spent on coffee when you are in your consumer equilibrium.
A manager may over-research the appropriateness of a decision
a. Because the costs of a false positive are usually larger b. Because the costs of a false negative are usually larger c. Because it is important to be 100% certain before making a decision d. Because managers can face inordinate censure from agreeing to a bad decision
International trade
a. reduces world output of goods and services b. lowers economic efficiency c. allows countries to specialize in producing particular products d. creates opportunity cost differentials in production e. shifts each economy's production possibilities frontier inward
The opportunity cost of capital is
A) an explicit cost. B) a part of economic profits. C) usually unknown and must be estimated by looking at the price of capital goods. D) the normal rate of return.