In the long run, existing firms exit a perfectly competitive market
A) only if economic profits are zero.
B) if they make a positive economic profit.
C) if normal profits are greater than zero.
D) only if they incur an economic loss.
E) if they either make a normal profit or if they incur an economic loss.
D
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The desirability of an export orientation for development rests on the claim that export industries
a. make better use of domestic resources than do import-substitute industries b. attract foreign investors c. use factors of production that are abundant domestically d. earn more foreign exchange than would be saved by substituting for imports e. all of the above
An example of an intangible good is: a. an automobile. b. a new house
c. a snowplow. d. friendship.
GDP:
A. is the dollar value of all the final goods and services produced within the borders of a nation. B. includes intermediate and final goods and services. C. equals inflation. D. is a less-than-perfect measure of social well-being because it does not include exports and imports.
The U.S. government suspended the convertibility of the dollar into gold in
A) the 1930s. B) the 1950s. C) the 1970s. D) 1991, when the first Gulf War broke out.