Utopia would be a debtor nation
a. if consumers in other countries bought goods and services from Utopia
b. only if it had a deficit in its current account
c. only if it had a deficit in its balance of goods and services
d. if it had a deficit in its balance of trade
e. if it had a deficit after adding together the balances in both its current account and its capital account
B
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Properties of long-run competitive equilibrium with free entry include:
A. an equilibrium price equal to the minimum MC. B. firms earning positive profits. C. active firms producing at their efficient scales of production. D. All of these are properties of long-run competitive equilibrium.
Since the end of World War II, the economy of the United States has been more influenced by stabilization policy. One of the undesirable side effects of this has been that the economy now has a greater tendency to suffer from
a. more severe recessions and depressions. b. higher levels of unemployment and lower rates of employment growth. c. lower rates of growth in real and nominal GDP. d. more persistent periods of inflation.
One of the most famous cartels is OPEC.
Answer the following statement true (T) or false (F)
List five goods that are likely sold in a monopolistically competitive market