Which of the following products is a leading import of the United States?
A. Grains
B. Aircraft
C. Petroleum
D. Generating equipment
C. Petroleum
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Losses are important to a competitive price-searcher market (industry) because they send a message to the market participants that
a. more resources should be devoted to a particular industry. b. resources can rise in value if diverted away from that particular industry. c. resources are allocated exactly as they should be. d. the firms should charge lower prices.
In general, countries export products they can produce more cheaply in return for products that are unavailable domestically or are cheaper elsewhere
Indicate whether the statement is true or false
During much of the 20th century, agricultural product prices
A) rose relative to other prices. B) fell relative to other prices. C) neither rose nor fell relative to other prices. D) rose as agricultural productivity increased.
When the IMF provides loans to developing countries, it often requires these countries to adopt:
A. a contractionary fiscal policy and an expansionary monetary policy. B. contractionary monetary and fiscal policies. C. expansionary monetary and fiscal policies. D. a contractionary monetary policy and an expansionary fiscal policy.