The best weather in a decade has given Australia a bumper wheat crop. Australia is a small open economy. Based on this information alone, you would expect that
A) desired investment would decrease.
B) desired investment would increase.
C) the current account would increase.
D) the current account would decrease.
C
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Whenever marginal cost is positive, average cost curves are upward sloping.
Answer the following statement true (T) or false (F)
A monopolistically competitive firm will end up selling its output for a price such that its
A) price is greater than marginal cost. B) price is equal to marginal cost. C) price is equal to marginal revenue. D) price is equal to average total cost.
Your purchase of a Gucci purse made in Italy would be classified as:
A. an export. B. an investment good. C. a durable good. D. an import.
Prior to the Hart-Scott-Rodino Act, antitrust laws did not apply to proprietorships.
Answer the following statement true (T) or false (F)