Collusive agreements tend to break apart because the incentive to cheat is so great
Indicate whether the statement is true or false
TRUE
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When prices rise:
A) money supply tends to rise. B) menu costs tend to fall. C) consumers' purchasing power falls. D) money demand tends to fall.
Which of the following statements is not valid when supply is perfectly elastic?
a. The elasticity of supply approaches infinity. b. The supply curve is horizontal. c. Very small changes in price lead to very large changes in quantity supplied. d. The time period under consideration is more likely a short period rather than a long period.
When the value of exports exceeds the value of imports then
A. the country is running a trade deficit. B. changes in productivity will occur. C. the country is running a trade surplus. D. international trade is in balance.
If the economy's full-employment output is $12 trillion, actual output is $10 trillion, and the budget deficit is $2 trillion, the deficit in this case is known as a
A. natural employment deficit. B. cyclical deficit. C. debt deficit. D. structural deficit.