A trade surplus provides a measure of the gap between exports and imports
a. True
b. False
Indicate whether the statement is true or false
True
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Placing restrictions on business opportunities through government licensing and other controls
(a) is not allowed now and never has been in American history. (b) is not allowed now but was provided for by the Constitution and allowed until the 20th century. (c) is allowed now but was not allowed during the colonial period nor in the decades immediately following the establishment of the new nation. (d) has always been allowed in American history.
If the Baloney Store earns more than a normal profit, its
a. economic profit must be greater than its accounting profit b. economic profit is positive c. economic profit is, therefore, equal to its accounting profit d. accounting profit is zero e. accounting profit is less than its economic profit
Money is a good store of value
A. when the average price level is rising. B. when the economy is experiencing severe inflation. C. when the average price level falling. D. when the unemployment rate is high.
In a perfectly competitive labor market, at the equilibrium wage rate:
A) cyclical unemployment is negative. B) frictional unemployment is positive. C) frictional unemployment is zero. D) cyclical unemployment is positive.