Advertising during the Super Bowl is an example of information about quality contained primarily in the existence and expense of the advertising
a. True
b. False
Indicate whether the statement is true or false
True
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The principle of comparative advantage explains specialization and trade among countries but not among individuals.
Answer the following statement true (T) or false (F)
A demand shock that increases real GDP above its full-employment level will, in the long run,
a. lead to a higher wage rate and an upward shift of the aggregate supply curve b. lead to a lower wage rate and a downward shift of the aggregate supply curve c. lead to a higher wage rate and a rightward shift of the aggregate demand curve d. lead to a lower wage rate and a leftward shift of the aggregate demand curve e. cause no further shifts in the aggregate supply or aggregate demand curve
Which account of the balance of payments is most likely to be directly affected by a rise in the real risk-free interest rate in a foreign country?
a. Current international transactions b. Net nonreserve-related international borrowing/lending c. Official reserve-related (central bank) transactions d. None.
If firms are producing at a profit-maximizing level of output where the price exceeds the average total cost:
A. other firms will exit the market. B. accounting profits must be positive, but economic profits are zero. C. firms will exit the market. D. economic profits must be positive.