In the 2000s, the U.S. economy had both a ________ and a ________
A) large trade deficit; large capital inflow
B) large trade surplus; large capital inflow
C) large trade deficit; high saving rate
D) large capital inflow; high saving rate
E) large capital inflow; small government budget deficit
A
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According to the substitution effect along an indifference curve, when the relative price of a good falls, the consumer ________ substitutes ________ of that good for the other good
A) always; more B) always; less C) sometimes; more D) sometimes; less
When a firm experiences steadily declining long-run average total costs as it produces more output, it is known as a(n)
A) oligopoly. B) rent seeker. C) natural monopoly. D) monopolistic competitor.
Whenever the price of Good A decreases, the demand for Good B increases. Good A and B appear to be: a. complements. b. substitutes
c. inferior goods. d. normal goods.
You are the manager of a monopoly that faces a demand curve described by P = 230 ? 20Q. Your costs are C = 5 + 30Q. Your firm's maximum profits are:
A. 475. B. 495. C. 415. D. 480.