When foreign real national income rises, domestic Real GDP falls, ceteris paribus
Indicate whether the statement is true or false
False
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Predatory pricing is defined to be
A) collusive pricing. B) behavior designed to drive out current competition. C) cooperative behavior between two firms with monopoly power. D) collusion.
If supply increases and demand decreases
A) the market clearing price definitely rises, and the equilibrium quantity definitely falls. B) the market clearing price definitely rises, and the effect on the equilibrium quantity is indeterminate. C) the market clearing price definitely falls, and the effect on the equilibrium quantity is indeterminate. D) the effect on the market clearing price is indeterminate, and the equilibrium quantity definitely falls.
The supply curve for a monopoly is given by:
a. the firm's marginal cost curve above the average variable cost curve. b. the one point on the demand curve that corresponds to the quantity for which price is equal to MC. c. the one point on the demand curve that corresponds to the quantity for which MR equals MC. d. the entire demand curve above the point where price is equal to average cost.
In a society, if negotiation among parties leads to a politically unsatisfactory distribution of income:
a. the legislature can enact laws to redistribute this income. b. the society can on its own reallocate resources to bring about a politically satisfactory outcome. c. the parties will renegotiate until they reach a politically satisfactory outcome. d. the parties will refuse to carry out future transactions.