An easy way to determine if a currency is undervalued at a point in time is to use the model of purchasing power parity
Indicate whether the statement is true or false
FALSE
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In the long run, a firm in monopolistic competition produces where the slope of the average total cost curve is
A) negative. B) zero. C) positive. D) equal to the marginal cost.
The unreported underground economy represents about 1 percent of U.S. GDP
Indicate whether the statement is true or false
In the long run, a tax placed on a perfectly competitive industry should
A. increase the number of firms. B. not affect the number of firms. C. decrease the number of firms. D. One cannot tell
Before its IPO, Facebook was an example of a private firm. As a private firm, Facebook was
A) not subject to government regulations and taxation. B) run by stockholders and a board of directors. C) run by its founder, Mark Zuckerberg. D) not legally allowed to raise funds through venture capital firms.