When a country is a net borrower from abroad, they will have a(n) _____________ account deficit.
a. current
b. trade
c. cash
d. overall
a. current
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The period between two successive peaks in a business cycle is called a contraction
a. True b. False Indicate whether the statement is true or false
If the price of good X (measured on the horizontal axis of a budget line diagram) increases at the same time that the price of good Y (measured on the vertical axis) decreases, the budget line
a. will become flatter b. will become steeper c. could become either steeper or flatter, depending on the sizes of the price changes d. will rotate about its original point of intersection with the horizontal axis e. will shift outward, but not in a parallel fashion
Supposing a firm is a price taker, the demand for that firm's product is
A. a downward sloping line with the negative of the market price as its slope. B. flat line at the market price. C. parabolic. D. an upward sloping line with the market price as the slope.
Productive efficiency refers to:
A. maximizing profits by producing where MR = MC. B. production, where P = MC. C. setting TR = TC. D. cost minimization, where P = minimum ATC.