An open economy is one in which exports and imports constitute a large share of GDP
a. True
b. False
Indicate whether the statement is true or false
True
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In negotiating NAFTA, what two side agreements were reached?
What will be an ideal response?
The NAIRU:
A. is difficult to measure. B. can change over time. C. occurs at the economy's level of potential output. D. All of these statements are true.
The provision of a legal system is an important economic function of the government because
A. the legal system affects the distribution of income through its awarding of damages in accident claims. B. people need to feel safe when they go to work. C. the legal system affects how exchange takes place through its enforcement of contracts. D. lawyers and judges tend to be high-income people.
In short-run equilibrium, the monopolistically competitive firm shown will set its price:
A. below ATC.
B. above ATC.
C. below MC.
D. below MR.