All of the following statements are true except
A. Until 1971 the United States had run a trade surplus virtually every year of the 20th century.
B. The U.S. ran relatively small trade deficits through most of the 19th century.
C. The U.S. was the only industrial power to raise tariffs during the 1930s.
D. World trade in the 1930s dwindled to a fraction of what it had been in the 1920s.
C. The U.S. was the only industrial power to raise tariffs during the 1930s.
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Which of the following is a difference between a monopolistically competitive market and a monopoly in the long run?
A) Firms in a monopolistically competitive market earn zero economic profits in the long run, while a monopolist usually earns positive economic profits in the long run. B) Firms in a monopolistically competitive market earn zero economic profits in the long run, while a monopolist incurs losses in the long run. C) Firms in a monopolistically competitive market charge a price higher than marginal cost in the long run, while a monopolist charges a price equal to marginal cost in the long run. D) Firms in a monopolistically competitive market charge a price lower than marginal cost in the long run, while a monopolist charges a price equal to marginal cost in the long run.
Which of the following statements about the elasticity of demand for a monopolist is TRUE?
A) Since a monopolist produces a good with no close substitutes, the price elasticity of demand for the good is zero. B) A monopolist produces a good with demand that is perfectly inelastic because people can not do without the good. C) Since every good has some substitute, even if imperfect, the demand for a good produced by a monopolist will not have zero price elasticity. D) Since the demand curve of a monopolist is downward sloping, the demand for the good must be inelastic.
Approximately how much of the income in the United States is earned by workers in the form of wages and fringe benefits?
a. 25 percent b. 50 percent c. 67 percent d. 90 percent
A shift of the supply curve is caused by a change in a good's own price.
Answer the following statement true (T) or false (F)