If the domestic price is below the world price of a certain product, the domestic country will export the product.
Answer the following statement true (T) or false (F)
True
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Kate's Great Crete (KGC) is a local monopolist of ready-mix concrete. Its annual demand function is Q = 20,000 - 400P, where P is the price, in dollars, of a cubic yard of concrete and Q is the number of cubic yards sold per year. What is the difference between price and marginal revenue when KGC sells 5,000 cubic years of concrete per year?
A. $12.50 B. $25.00 C. $37.50 D. $50.00
Suppose the current account of a country is initially in balance. A new transaction occurs so that the current account is now in surplus. Official reserve balance is maintained before and after the transaction occurs. From this, we know that
A) the balance of trade is now in surplus. B) the balance of goods and services is now in surplus. C) the capital account is now in deficit. D) the government must make official reserve transactions.
The expansion path shows the lowest cost combinations of inputs for producing different levels of output
Indicate whether the statement is true or false
People who live in countries with ________ average incomes generally live __________ lives.
A. lower; shorter B. lower; longer C. higher; shorter D. higher; more meaningful