In the long run, all costs are variable
a. True
b. False
Indicate whether the statement is true or false
True
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When the U.S. price level rises relative to other nations' price levels, then
A) U.S. exports decrease, U.S. imports increase, and the aggregate demand curve shifts rightward. B) U.S. exports decrease, U.S. imports increase, and there is a movement upward along the aggregate demand curve. C) U.S. exports increase and the aggregate demand curve shifts rightward. D) U.S. exports decrease, U.S. imports increase, and the aggregate demand curve shifts leftward. E) U.S. firms' profits increase and the aggregate demand curve shifts rightward.
Which one of the following is true about the U.S. Federal Reserve System?
A. The head of the U.S. Treasury also chairs the Federal Reserve Board. B. There are 10 regional Federal Reserve Banks. C. There are seven members of the Federal Reserve Board of Governors. D. The Federal Open Market Committee is smaller in size than the Federal Reserve Board.
If a country voluntarily agrees to have its companies import more goods from another country, the country has
A. a mandated tariff. B. a voluntary restraint agreement (VRA). C. a mandated agreement. D. a voluntary import expansion (VIE) agreement.
Comparative advantage is the only reason countries trade.
Answer the following statement true (T) or false (F)