When ________ substitutes exist, a firm in an imperfectly competitive industry has ________ power to raise price.
A. no; infinite
B. more; less
C. more; more
D. fewer; less
Answer: B
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The principle of comparative advantage helps explain trade between nations.
Answer the following statement true (T) or false (F)
Which of the following is likely to reduce the total efficiency units of labor in an economy?
A) A decrease in the price of capital B) A recession that lowers aggregate demand C) An increase in the price level D) An earthquake that kills several people
Assuming a long-run aggregate supply curve, an increase in the money supply results in ________ in output and ________ in price level
A) an increase; no change B) a decrease; no change C) a decrease; a decrease D) no change; an increase
The balance of payments is
A) a summary record of the financial transactions of a country's government with foreign governments. B) a summary record of a country's imports and exports of goods with foreign residents and governments. C) a summary record of a country's economic transactions with foreign residents and governments. D) a summary record of a country's purchases and sales of goods and services in the world market.