As firms control more of an industry, it becomes more likely they can raise prices and harm consumers.
a. true
b. false
Answer: a. true
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A closed economy is one in which exports and imports constitute a large share of GDP.
Answer the following statement true (T) or false (F)
Specialization according to comparative advantage followed by free trade makes every economy better off
a. True b. False Indicate whether the statement is true or false
A perfectly elastic demand curve for a firm
a. is represented by a vertical line. b. means that with every unit price increase there will be a unit decrease in demand. c. is formulated by P × Q = a constant, for all prices and quantities. d. indicates that any increase in price will eliminate all purchases of its product.
If a country had a trade deficit of $20 billion and then its exports rose by $7 billion and its imports fell by $10 billion, its net exports would now be
a. $37 billion b. $3 billion c. -$3 billion d. -$37 billion