If nations trade on the basis of comparative advantage
A. a nation can gain only at the expense of trading partners.
B. exporting nations gain and importing nations lose.
C. importing nations gain and exporting nations lose.
D. all trading partners mutually gain.
D. all trading partners mutually gain.
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The long-run average annual growth of real GDP per person is the United States is approximately ________ percent.
A. one B. seven C. five D. two
If all firms in the industry have similar demand, marginal revenue, and cost curves as the firm in the figure above, in the long run
A) nothing changes. B) some firms exit the industry and the economic losses of the remaining firms decrease. C) some firms exit the industry and the economic profits of the remaining firms increase. D) new firms enter the industry and the economic losses of the original firms decrease. E) new firms enter the industry and the economic profits of the original firms increase.
The Great Depression was marked by non-farm housing slumps and falling real estate prices, prompting many states to impose a moratorium on residential mortgage foreclosures
Indicate whether the statement is true or false
The combination of psychology and economics to determine individual decision making is known as
A) behavioral economics. B) psychonomics. C) the rule of thumb. D) positive analysis.