Under a gold standard, a country with a trade deficit should expect gold to flow ________.
Fill in the blank(s) with the appropriate word(s).
out of the country
You might also like to view...
In the long-run average cost function, only the amount of capital is allowed to vary
Indicate whether the statement is true or false
Answer the following statements true (T) or false (F)
1. Firms in monopolistic competition sell a similar but differentiated product. 2. All firms in monopolistic competition must sell at the same price. 3. In monopolistic competition, overall demand and supply may set a market price, but firms can deviate from that price within a small range without substantially affecting their sales. 4. The best example of monopolistic competition in the United States is the steel industry. 5. In monopolistic competition, there is no need for advertising.
Rent control is an example of a price ceiling. Which of the following problems must be addressed under a rent control program?
a. what to do with the surplus of rental units b. how to subsidize renters so that they can afford to pay the higher rents c. how to decrease the quantity of rental units to the equilibrium level d. whether the opportunity cost of rental units equals the competitive market price e. how to allocate scarce rental units
Recall the Application about the wireless phone service provided by thousands of entrepreneurial women in Pakistan to answer the following question(s).Recall the Application. What makes the wireless telephone market in Pakistan perfectly competitive?
A. There are many buyers and many sellers B. Any entrepreneur who invests $310 can enter the market. C. Wireless phone calls are a standardized product. D. All of these are correct.