From 1990 to 2010, the public sector share of total output
A. Trended upward to 2000 and then downward to 2010.
B. Trended downward to 2010.
C. Trended downward to 2000 and then upward to 2010.
D. Trended upward through 2010.
Answer: C
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An essential characteristic of a perfectly competitive market is:
A. buyers and sellers share market power. B. sellers are price makers. C. goods are standardized. D. goods are unique.
In terms of efficiency, any point on a production possibilities frontier is as good another
a. True b. False Indicate whether the statement is true or false
An increase in rent would
A. increase the demand for land. B. decrease the demand for land. C. decrease the supply of land. D. None of the choices are correct.
If the United States has a lower opportunity cost than Mexico in the production of wheat, then it will import wheat from Mexico.
a. true b. false