US trade deficit arises from trade in manufactured goods with countries where US has ___ trade agreement in place
A. unregulated
B. unratified
C. few
D. no
Answer: A. unregulated
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Allocative efficiency is achieved when
A) firms produce the goods and services that consumers value most. B) firms produce goods and services at the lowest cost. C) there are no shortages or surpluses in the market. D) goods and services are fairly distributed among consumers in an economy.
When two ice cream vendors locate next to each other on the beach, they are exhibiting a Nash equilibrium
a. True b. False Indicate whether the statement is true or false
Using money as a store of value rather than wheat is: a. safer
b. less expensive. c. both safer and less expensive. d. neither safer nor less expensive.
Compared to perfect competition, monopoly in the long run
a. restricts output. b. charges a higher price. c. produces at less than minimum average cost. d. All of the above are correct.