One signal that the U.S. dollar was overvalued in the early 1970s was the
a. stable price of gold.
b. volume of international trade.
c. recurring balance-of-trade deficits in the U.S.
d. recurring balance-of-trade deficits in European countries.
c. recurring balance-of-trade deficits in the U.S.
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Which of the following is consistent with the classical theory of growth?
A) permanent increases in real wages B) permanent growth in productivity C) rapid population growth in poor countries D) permanent increases in living standards
Assume that a perfectly competitive constant-cost industry is in long-run equilibrium when market demand suddenly decreases. Which of the following statements is incorrect?
a. Existing firms will start to suffer short-run losses b. Existing firms will shut down in the short run if average variable cost exceeds average revenue at all output levels c. Some firms will leave the industry in the long run d. The market supply curve will shift to the right in the long run e. Any short-run losses will be eliminated in the long run
What act of Congress declared restraint of trade illegal and declared any attempt at monopolizing unlawful?
a. Celler-Kefauver Act. b. Sherman Antitrust Act. c. Clayton Act. d. Robinson-Patman Act.
Unanticipated inflation generally hurts borrowers and benefits lenders
a. True b. False Indicate whether the statement is true or false