The term autarky refers to
a. equilibrium after trade begins between two countries
b. the gains received from trade
c. self-sufficiency
d. political isolationism
e. the recognition that mutually beneficial trade is not possible between two countries
C
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John Maynard Keynes believed that a recession was caused entirely by
A. inadequate aggregate supply. B. inadequate aggregate demand. C. too much inflation. D. too much government intervention.
Labor productivity times hours of work equals
a. per capita GDP. b. capital stock. c. population. d. GDP.
When profits exist in a competitive price-searcher market,
a. rival firms will be attracted into the market. b. high barriers to entry will prevent rival firms from entering the market. c. product differentiation will prevent new firms from making a profit. d. the profits will persist because the firms face a downward-sloping demand curve.
Technical efficiency in production means a given level of output is produced with the minimum amount of inputs.
Answer the following statement true (T) or false (F)