Falling growth rates during the 2007-2009 recession occurred:
A. in the United States, China, Germany, the United Kingdom, and Japan.
B. in the United States and China, but not in Germany, the United Kingdom, or Japan.
C. only in the United States.
D. only in the high-tech sectors of the U.S. economy.
Answer: A
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Indicate whether the statement is true or false
If the fiscal authority is focused on maintaining a balance of payments equilibrium, it is said to be pursuing
A) external balance. B) internal balance. C) payments balance. D) international peace.
It has been argued that in the long run monopolistic competition is inefficient because
A) there are too many firms, each with excess capacity, producing too little output. B) there are few many firms, each with excess capacity, producing too much output. C) minimum average total costs are achieved but price exceeds marginal cost. D) minimum average total costs are not achieved and marginal cost exceeds price.
If the total revenue curve lies completely below the total cost curve, economic profit is zero
a. True b. False