An unfavorable balance of trade occurs when:
a. exports equal imports.
b. the balance of payments balances.
c. the current and capital account in the BOP are equal.
d. the value of the exports of goods exceeds the value of the imports of goods.
e. the value of the exports of goods is less than the value of the imports of goods .
e
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Some demand curves have constant elasticity everywhere
a. True b. False
The theory of comparative advantage describes the role of national resource availability on domestic competitiveness
Indicate whether the statement is true or false
Refer to Figure 23.5 for a perfectly competitive firm. This firm will maximize profits by producing the level of output that corresponds to point
A. C. B. B. C. A. D. D.
After purchasing a coffee cup from your local gas station for $5.00, you can always refill your cup for $0.50. The sunk cost of the coffee purchased at the gas station is:
A. $5.00. B. $10.00. C. $5.50. D. $0.50.