Imports are goods produced abroad and sold domestically.
Answer the following statement true (T) or false (F)
True
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Based on the figure below. Starting from long-run equilibrium at point C, a tax increase that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies.
A. D; C B. D; B C. A; B D. B; C
If Brazil's gross revenue from coffee exports doubles from one year to the next even though the number of bags of coffee exported declines 50 percent,
A) individual Brazilian coffee producers are price searchers. B) individual Brazilian coffee producers have substantial market power. C) the demand for Brazilian coffee is most likely elastic. D) the demand for Brazilian coffee is most likely inelastic.
In the long run, a monopolistically competitive firm's price equals
A) its average total cost and its marginal cost. B) its average total cost but not its marginal cost. C) its marginal cost but not its average total cost. D) neither marginal cost nor its average total cost.
Farmers can raise either goats or ostriches on their land. Which of the following would cause the supply of goats to decrease?
A) an increase in the demand for goats B) an increase in the price of ostrich feed C) a decrease in the price of goats D) an increase in the price of ostriches