For a perfectly competitive firm, which of the following is NOT true?
A) The average revenue curve, the demand and the marginal revenue curves are identical.
B) The total revenue curve begins at the origin and slopes upward as output increases.
C) The slope of the total revenue curve is equal to the product price.
D) The total revenue curve is horizontal.
D
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Which of the following transactions is a debit in the US current account?
A) Export of merchandise B) Export of services C) Gifts to foreigners D) Foreign bond purchases
Which of the following terms best describes the situation in which a country is running both a trade and a budget deficit?
a. neutral deficits b. twin deficits c. Ricardian equivalence d. balance of trade
If income and the prices of both goods all double, the budget line will
a. become flatter b. become steeper c. remain unchanged d. experience a parallel outward shift e. experience a parallel inward shift
The CPI does not reflect the increase in the value of the dollar that arises from the introduction of new goods
a. True b. False Indicate whether the statement is true or false