Planned aggregate expenditure equals consumption plus planned investment.
Answer the following statement true (T) or false (F)
True
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What is likely to happen to the allocation of resources if there is a sudden increase in the demand for a good produced by a perfectly competitive industry?
What will be an ideal response?
A major difference between a tariff and a quota is that a tariff a. will reduce the ability of foreigners to obtain the purchasing power to buy a nation's export goods, but a quota will not affect the demand of foreigners for the nation's exports. b. typically generates tax revenue while a quota does not
c. can easily be rescinded but a quota cannot. d. will reduce imports but a quota generally will not.
Shortage
What will be an ideal response?
Assuming a typical firm has some implicit costs, in the long run a perfect competitor earns ________ accounting profit and __________ economic profit.
Fill in the blank(s) with the appropriate word(s).