In the above figure, a negative relationship between price and quantity is shown in
A) Figure A.
B) Figure B.
C) both Figure A and Figure B.
D) neither Figure A nor Figure B.
A
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Relative to Al, Joe has ________ if Joe can produce a good at a lower opportunity cost than Al
A) a marginal benefit B) a comparative advantage C) more production efficiency D) a free lunch E) a comparative benefit
The financial crisis that started in 2007 was unusual because it started in an advanced economy, the United States
Indicate whether the statement is true or false
When firms earn above normal rates of return
A. they tend to leave the industry and seek profits elsewhere. B. they are still breaking even economically. C. they are able to raise their prices to increase their profits. D. they are earning positive profits and new firms are likely to enter the industry.
When there are two large open economies, if desired international borrowing by the domestic country exceeds desired international lending by the foreign country, then
A. the world real interest rate must rise. B. domestic investment must fall. C. domestic investment must rise. D. the world real interest rate must fall.