A circular flow diagram shows the flows from the goods and resources markets
Indicate whether the statement is true or false
TRUE
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In 2012, the United States had
A) a current account deficit because imports were greater than exports. B) a current account deficit and a capital and financial account deficit. C) a capital and financial account deficit because exports were greater than imports. D) a current account surplus because imports were greater than exports. E) no change in U.S. official reserves.
If, by law, we suppress free market prices to determine who gets what,
A) other criteria will come into play to ration scarce goods. B) scarcity will be reduced or eliminated. C) shortages will be reduced or eliminated. D) there will be no alternative way to make the quantity demanded conform to the quantity supplied.
A positive demand shock causes the aggregate demand curve to undergo an ______ shift.
a. anticipated rightward b. unexpected rightward c. anticipated leftward d. unexpected leftward
Exhibit 8-13 Price and cost per unit curves
In Exhibit 8-13, the firm will not produce when the price is between:
A. zero and P2. B. P2 and P3. C. P3 and P4. D. P4 and P5.