In monopolistic competition, firms compete on product quality, price and marketing
Indicate whether the statement is true or false
TRUE
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When the United States has a deficit on its current account, this means that
A. the dollar value of goods exported must exceed the dollar value of goods imported. B. in this year, Americans supplied more dollars than were demanded by foreigners for purchasing American goods and services and for interest and investment income. C. in this year, Americans supplied fewer dollars than were demanded by foreigners for purchasing American goods and services and for interest and investment income. D. the dollar value of goods imported must exceed the dollar value of goods exported.
A perfectly competitive firm’s short-run supply is infinite at the market price.
Answer the following statement true (T) or false (F)
In order for a barter transaction to be successful, there must be a:
A. market for the goods. B. high demand for a certain item. C. double coincidence of wants. D. federal tax law in effect.
Under a system of freely floating exchange rates, an increase in the international value of a nation's currency will:
A. cause an international surplus of its currency. B. contribute to disequilibrium in its balance of payments. C. cause gold to flow into that country. D. cause its imports to rise.