If U.S. imports of goods and services exceed exports
A. GDP in the United States will be less than the sum of consumption, investment, and government purchases.
B. GDP in the United States will exceed the sum of consumption, investment and government purchases.
C. net exports for the United States are positive.
D. None of the choices are true.
A. GDP in the United States will be less than the sum of consumption, investment, and government purchases.
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The supply curve for a monopolist, in the short run, is defined in the same way as that for a competitive firm: it is the portion of the marginal cost curve above average variable cost
a. True b. False Indicate whether the statement is true or false
If we think of good governance as a public good created by well-informed voters, we can predict that it will be:
A. in market equilibrium, if left unchecked. B. oversupplied. C. undersupplied. D. in market equilibrium, despite market interference.
In a monopolistically competitive market:
A. firms produce differentiated products. B. firms produce homogeneous products. C. the demand for any firm's product is perfectly elastic. D. there are barriers to entry.
A demand curve is described as perfectly elastic if
A. any quantity can be sold at a given price. B. the same quantity is sold regardless of price. C. neither price nor quantity demanded ever change. D. only price can change.