Refute the claim by mercantilists who claimed that without severe restrictions on international trade and payments, a country might find itself impoverished and without an adequate supply of circulating monetary gold as a result of balance of
payments deficits.
The balance of payments would automatically regulate itself to ensure an adequate supply of money in every country.
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Natural pollutants
a. are those contaminants that are linked to human activity b. include such contaminants as lead and carbon monoxide c. are the same as anthropogenic pollutants d. are those arising from nonartificial processes in nature
Refer to Table 13-4. Based on the data in the table, which of the following statements is true?
A) The table summarizes Victoria's short-run, rather than long-run, market for plastic vials. B) Victoria should advertise more in order to increase the demand for plastic vials. C) Victoria could be either a monopolistically competitive or a perfectly competitive firm. D) Victoria should shut down temporarily.
When comparing market and public sector decision making, which statement is NOT true?
A) Self-interest is the motivating force in each decision making arena. B) In both decision making sectors, majority rule is how things are done. C) In both decision making sectors, there are scarcity constraints. D) Collective (political) outcomes and economic outcomes may differ.
Exhibit 10-7 Aggregate supply and demand curves
In Exhibit 10-7, the aggregate demand and supply curves reflect an economy in which:
A. full employment is at $1,000 billion GDP. B. excess aggregate supply is created when there is a shift from AD1 to AD2. C. excess aggregate demand forces prices up to P = 120. D. excess aggregate demand causes prices to stabilize at P = 110.