Interest is the payment for the use of funds
a. True
b. False
Indicate whether the statement is true or false
True
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The balance of payments ____
a. b and e b. is always zero c. is positive when the nation runs a trade surplus d. is negative when the nation runs a trade deficit e. is an itemized account of a nation's foreign economic transactions
Justina operates in a perfectly competitive market. Which of the following is her short-run supply curve?
a. the MC curve above its point of intersection with the ATC curve b. the market supply curve c. the MC curve above its point of intersection with the AVC curve d. the market demand curve e. its MC curve
The economy's self-correcting mechanism
a. tends to push unemployment toward a specific point called the natural rate of unemployment. b. works better at correcting inflationary gaps than recessionary gaps. c. cannot work if the Phillips curve is vertical. d. ensures that the economy will not have to endure a long period of high unemployment.
The rental price of capital is the price a person pays to own the capital indefinitely
a. True b. False Indicate whether the statement is true or false