A perfectly inelastic supply curve is
A) an upward sloping straight line that intersects the origin.
B) horizontal.
C) vertical.
D) downward sloping.
C
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Other things remaining the same, ________ in U.S. real GDP results in ________ in U.S. imports
A) an increase; a decrease followed by no change B) an increase; an increase C) a decrease; an increase D) a decrease; no change E) an increase; a decrease
Suppose that opportunity costs in India and Australia are constant. In India, maximum feasible hourly production rates are either 0.3 unit of cloth or 0.2 unit of food
In Australia, maximum feasible hourly production rates are either 0.5 unit of cloth or 0.5 unit of food. It is correct to state that A) India has a comparative advantage in producing cloth. B) India has a comparative advantage in producing both cloth and wheat. C) India has no comparative advantage in producing cloth or wheat. D) Australia has a comparative advantage in producing cloth.
Small differences in economic growth rates translate into significant differences in living standards
a. True b. False Indicate whether the statement is true or false
For a firm in a perfectly competitive market, if it is producing at a level of output where marginal costs are less than marginal revenue it:
A. is producing a profit-maximizing quantity. B. should invest more in advertising in order to raise revenues. C. should cut back production to increase profits. D. should increase production to increase profits.