China has a trade deficit in services, while India has a trade surplus in services
Indicate whether the statement is true or false
TRUE
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An efficient economy would set the marginal product in the traditional sector
A) lower than that in the modern non-traditional sector. B) higher than that in the modern sophisticated sector. C) equal to that in the modern sophisticated sector. D) lower in the relatively capital intensive sector. E) higher in the relatively capital intensive sector.
The higher the real interest rate, the ________ investment projects firms can profitably undertake, and the ________ the quantity of loanable funds they will demand
A) more; smaller B) more; greater C) fewer; greater D) fewer; smaller
In reality, the profit-maximization rule to set marginal revenue equal to marginal cost, is a(n) ________ rather than a(n) ________.
A) operational rule; target B) obtainable goal; operational rule C) operational rule; goal D) target; operational rule
How does an economist compare the standard of living in two different countries?
(A) By measuring physical capital. (B) By looking at the quality of life. (C) By seeing how the GDP is distributed. (D) By comparing real GDP per capita.