The fact that the United States has become a net debtor nation is an indication that
A. As undesirable as they are, trade restrictions are becoming a necessity.
B. The United States should never have abandoned the gold standard.
C. The U.S. economy is highly regarded by world investors.
D. The U.S. economy is in a long-term decline compared to other major economies.
Answer: C
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Which of the following is an example of comparative statics?
A) The estimation of the supply of a good when the wage rate of labor changes from $30 to $10 per hour B) The estimation of the ideal number of workers a firm should hire when wage rate is $20 per hour C) The estimation of the quantity demanded of a good when its price is $5 D) The estimation of the demand for a particular good when consumer income is $10
For a perfectly competitive firm, the shutdown point is the
A) amount of output at which price equals minimum average variable cost. B) amount of output at which price equals minimum average total cost. C) price at which economic profit is zero. D) price at which total opportunity cost is zero.
The marginal productivity theory is irrelevant to organizing production in a socialist society.
Answer the following statement true (T) or false (F)
A perfectly competitive firm will shut down in the short run when marginal revenue equals marginal cost at a price less than minimum average variable cost
a. True b. False Indicate whether the statement is true or false