When a country imports more than it exports, the country has ________.
A. a trade deficit
B. a decrease in aggregate supply
C. an increase in aggregate demand
D. a trade surplus
Answer: A
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Suppose your tastes over consumption and leisure have constant elasticity of substitution. I observe that, when your wage went up, you continued to work the same number of hours. From this, I can conclude that you have Cobb-Douglas tastes.
Answer the following statement true (T) or false (F)
Union membership was relatively low during the Great Depression
a. True b. False Indicate whether the statement is true or false
When Crest claims that its toothpaste product whitens teeth more than the products of its competitors, Crest is practicing
A) product differentiation. B) false advertising. C) marginal revenue pricing. D) marginal cost pricing.
A disadvantage of the partnership form of business organization is
A) its limited access to capital. B) its limited liability. C) that it can issue only one class of stock. D) that the owners must fight a lot of red tape to form the firm.