Goods produced abroad and sold domestically are called
a. exports.
b. imports.
c. exchange rates.
d. opportunity costs.
b
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Suppose the Christmas trees market is perfectly competitive. A business owner is currently suffering from a loss of $1,000, the cost of producing and selling an additional Christmas tree is $20, and the current market price is $25. The owner
A) should sell more trees. B) should shut down his business now. C) should advertise in the market. D) is already minimizing his loss.
Positive statements are descriptive, while normative statements are prescriptive
a. True b. False Indicate whether the statement is true or false
The vertical distance between the total variable cost and total cost curves
A. is everywhere equal to total fixed cost. B. increases at a decreasing rate. C. is everywhere equal to zero. D. is everywhere equal to marginal cost.
Which would be included in the definition of the money supply? Currency and checkable deposits owned by:
A. the public. B. the Federal Reserve Banks. C. the U.S. Treasury. D. commercial banks.