A monopolist can charge whatever price it wants and can therefore reap phenomenal profits
a. True
b. False
Indicate whether the statement is true or false
False
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To record adjusting journal entries in QuickBooks, select:
a. Company Center, Journal Entry icon b. Accountant menu, Make General Journal Entries c. Banking section of the Home page, Journal Entry icon d. Company section of the Home page, Journal Entry icon
According to institutionally-focused economists:
A. there is no relationship between PQ and MV because Q isn't constant. B. there is no relationship between PQ and MV because V is constant. C. the direction of causation goes from PQ to MV. D. the direction of causation goes from MV to PQ.
The theory of comparative advantage implies that
B. two countries can have a comparative advantage in production of the same good. C. the world gains from trade since it allows production to move to the countries where their opportunity cost is lowest. D. the country with the comparative advantage also has an absolute advantage.
In general economic environments that correspond to higher levels of planned aggregate expenditure for a given level of Y have PAE curves that are:
A. at multiple points on the diagram. B. lower on the expenditure diagram. C. higher on the expenditure diagram. D. equivalent at point in the diagram.