The North American Free Trade Agreement and the European Union are examples of
A) defense treaties.
B) regional trade blocs.
C) labor agreements designed only for industrialized countries.
D) agriculturally based economies.
B
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“Assuming the long-run average cost curve is U shaped, a firm will always seek to operate at the lowest point on the long-run average cost curve.” True or false?
What will be an ideal response?
Monopolies that price discriminate do so because
A) they are able to do so and no one else can. B) they can increase their profits. C) it keeps them out of trouble with the government. D) it is more efficient.
Since 1960 the distribution of income in the United States has
A. become more equal. B. become less equal. C. remained about the same.
The short-run aggregate supply curve shows the _____ relationship between the inflation rate and real growth during the period when prices and wages are _____
Fill in the blank(s) with the appropriate word(s).