If a perfect competitor is taking an economic loss of $22,000, the firm is
A. probably in the short run.
B. probably in the long run.
C. definitely in the short run.
D. definitely in the long run.
C. definitely in the short run.
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One of the predictions of the HO model is that
A) countries with different factor endowments but similar technologies and preferences will have a strong basis for trade with each other. B) countries will tend to specialize, but not completely, in their comparative advantage good. C) reciprocal demand leads to an equilibrium terms of trade by inducing changes in both demand and supply. D) All of the above.
The convergence hypothesis suggests that poor countries may close the income gap with rich countries.
Answer the following statement true (T) or false (F)
When there is a recessionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; decline B. increase; raise; decline C. decline; lower; expand D. decline; raise; decline
Identify three things which affect the choices households make with respect to how much labor to supply?
What will be an ideal response?