A trade deficit means:
A) the country has positive net savings, which it lends abroad.
B) the country has negative net savings, which it lends abroad.
C) the country has positive net savings, which it borrows from abroad.
D) the country has negative net savings, which it borrows from abroad.
D
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The figure above shows the demand for and supply of labor of students in Smallville. If the minimum wage is set at $4 per hour, how many hours of students' labor are unemployed?
A) 12,000 hours B) 9,000 hours C) 6,000 hours D) 0 hours
False advertising ________ likely to be successful with tickets on a new airline because the tickets are an ________ good.
A) is not; inspection B) is; experience C) is; inspection D) is not; experience
Average fixed cost is: a. total cost divided by the number of units produced over a given period
b. total fixed cost divided by the number of units produced over a given period. c. the price of a fixed factor of production. d. fixed cost divided by the number of units of a fixed input employed over a given period.
Product indifference curves bow inward toward the origin because of diminishing returns to substitution of inputs
a. True b. False Indicate whether the statement is true or false