A given income-expenditure diagram always assumes a variable price level.
Answer the following statement true (T) or false (F)
False
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Which of the following is true of the output level produced by a firm in long-run equilibrium in a monopolistically competitive industry?
A) It produces at minimum average cost. B) It does not produce at minimum average cost, and average cost is increasing. C) It does not produce at minimum average cost, and average cost is decreasing. D) Either B or C could be true.
Over the last 40 years, the gap between the rich and the poor in the United States has been increasing. Economists have justified this outcome by noting that
A. efficiency can never be achieved without greater inequality. B. inequality is not a problem. C. inequality is a desirable policy outcome. D. inequality is a necessary consequence of achieving greater efficiency. E. efficiency should be achieved regardless of the cost.
The gross domestic product is the dollar value of all goods and services produced by the economy.
Answer the following statement true (T) or false (F)
Refer to the table below. The data indicate that there was a trade:
The following table contains hypothetical data for the U.S. balance of payments in a year. Answer the following question on the basis of these data. All figures are in billions of dollars. U.S. goods exports +$390 U.S. goods imports -498 U.S. service exports +133 U.S. service imports -107 Net investment income +12 Net transfers -22 Capital account -5 Foreign purchases of U.S. assets +156 U.S. purchases of foreign assets -59 A. Deficit in goods and also a trade deficit in services B. Surplus in goods and also a trade surplus in services C. Deficit in goods and a trade surplus in services D. Surplus in goods and a trade deficit in services