Firms in different countries that face different input prices may produce the same good using different combinations of inputs, even though they have access to the same technology
Indicate whether the statement is true or false
TRUE
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The table above gives the demand schedule for snow peas. The price elasticity of demand between $6.00 and $7.00 per bushel is
A) 1.0. B) 2.0. C) 2.6. D) 5.0.
It is costly to hold money because
A. deflation may reduce its purchasing power. B. in doing so one sacrifices interest income. C. bond prices are highly variable. D. the velocity of money may decline.
In the classical model where aggregate supply is vertical with respect to the price level, an increase (shift) in aggregate demand will yield
A. a relatively large increase in output. B. an equal change in output. C. a relatively large increase in the price level. D. a relatively small change in the price level.
Explain the three categories of balance of payments transactions
What will be an ideal response?