If the world price is above the domestic "no-trade" equilibrium price, then with international trade, the shortage caused in the domestic market can be met by foreign imports
a. True
b. False
Indicate whether the statement is true or false
False
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The largest component of U.S. federal spending that contributes to the U.S. government budget deficit is
A) entitlements. B) military spending. C) interest expenses. D) salaries of government employees.
Income tax collections:
a. fall during periods of prosperity, thus increase federal budget deficits. b. rise during periods of prosperity, thus reduce federal budget deficits. c. fall during recessions, thus increase the problem of unemployment. d. rise during recessions, thus increase the problem of unemployment.
Equilibrium price and quantity for a collusive oligopoly are determined according to the intersection of the ____ curve and the horizontal sum of the short-run ____ curves for the oligopolists
a. total revenue; total cost b. marginal revenue; marginal cost c. average revenue; average cost d. marginal revenue; average total cost
An example of a final service is:
A. getting the oil changed in your car. B. a used car. C. Tires purchased by Ford to put on their new Explorers. D. a tire to replace your flat.