A country that shows a deficit in its financial account is a net creditor to the rest of the world
a. True
b. False
Indicate whether the statement is true or false
True
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Economic growth policies always involve
a. trade-offs b. lower taxes c. higher government spending d. more investment e. more transfer payments
Game theory is
A. the study of how people behave in strategic situations. B. the collusion of a few powerful firms to create monopoly power. C. the act of price-fixing to share markets. D. the division of a market into non-competitive areas, creating regional monopolies.
Because demand for air travel from people who are traveling on vacation is more ________, the airlines offer leisure travelers lower prices than business travelers.
A. large B. elastic C. inelastic D. small
A nation's producers can compete effectively with imports from other nations if:
a. they have an absolute advantage in the production of all goods. b. they have an abundance of unskilled workers. c. they have a high opportunity cost of production. d. the relative price of exports to imports is high. e. the labor cost per unit of output is low.