What was the total for imports of goods in 2017?
a. -$2,361 billion
b. -$1,183 billion
c. $1,553 billion
d. $1,537 billion
a. -$2,361 billion
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Railroads have received significant attention from regulators because
a. railroads enjoy significant economies of scale. b. conditions in the railroad industry are conducive to destructive competition. c. regulators would like to ensure universal service to all potential railroad customers. d. All of the above are correct.
How much will a car, which currently sells for $30,000, cost in 10 years if the inflation rate is 5% per year, and car makers are able to increase prices with the inflation rate (rounded to nearest dollar)
a. $45,000 b. $45,500 c. $48,314 d. $38,403 e. $48,867
The absolute price of a good is the price of that good in terms of another good
Indicate whether the statement is true or false
Which of the following describes the longrun situation in a monopolistically competitive market?
a. Competition drives out firms until there is only one left. b. New firms enter the market because of monopoly profits, the demand curve shifts to the left and becomes flatter, and profits disappear . c. New firms enter the market and eventually there is only one kind of product, and each firm agrees to share the profits. d. Consumers are left with no choices and no close substitutes, and firms make higher profits.