Last month a country sold more goods and services to residents of foreign countries than it purchased from them. What does this imply about this country's trade balance?
This country had a trade surplus.
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Which of the following four firms would most likely be part of a perfectly competitive market?
A) Village Pizza sells NY style pizza and hard-to-find microbrews in a college town. B) The WaveHouse is the only place in San Diego where you can ride an indoor 10 foot wave. C) Mark sells the tomatoes he grew in his backyard at the local farmers market. D) Amara Massage specializes in pre- and post-natal massage.
In the AD/AS model, a point where the economy's long-run AS curve, short-run AS curve, and AD curve all intersect at a single point represents a point where:
a. real GDP is equal to its full-employment level. b. all of these choices. c. the conditions of short-run equilibrium are fulfilled. d. the conditions of long-run equilibrium are fulfilled.
In the figure above, what is the point price elasticity of demand when price is $60?
A. -0.50 B. -2.00 C. -1.00 D. -0.75 E. -1.60
The demands for labor and other input factors are called
A) derived demands, because the demand for these inputs depends on the demand for goods and services they are employed to produce. B) developed demands, because the demand for these inputs is developed from an analysis of the costs of advertising products. C) indirect demands, because the demand for these inputs is indirectly related to the costs of advertising products. D) reverse demands, because the demand for these inputs varies inversely with the demand for goods and services they are employed to produce.