Freedom of entry and exit is important in maintaining a competitive market over time.
a. true
b. false
Answer: a. true
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To obtain the gains available from comparative advantage, individuals or countries must do more than specialize; they must also
A) save. B) invest. C) engage in research and development. D) trade.
The financing of U.S. import transactions, ceteris paribus
A) reduces U.S. interest rates. B) increases the amount of foreign currency held by the Fed. C) increases U.S. GDP. D) decreases the amount of foreign currency held by U.S. banks.
When there is a positive cross-price elasticity of demand between two goods,
a. they are independent goods b. they are complementary goods c. they are substitute goods d. they are normal goods e. the income elasticity of demand is positive
Which of the following is an accurate definition of correlation?
a. an event that has no effect on another event b. two events that occur separately c. two events that occur together d. an event that causes another event