Refer to the production possibility curve for Ricardia below. 
The graph indicates that with the resources and technology it has available, Ricardia:
A. can produce both 40 units of rye and 20 units of eggs.
B. cannot produce both 20 units of rye and 10 units of eggs.
C. cannot produce both 20 units of rye and 5 units of eggs.
D. can produce either 40 units of rye or 20 units of eggs.
Answer: D
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In the long run, for a perfectly competitive market, if economic profit is
A) less than zero, then some firms will exit the market and the market supply curve will shift leftward. B) greater than zero, then some firms will enter the market and the market supply curve will shift rightward. C) equal to zero, then there is no entry or exit of firms into or out of the market. D) All of the above answers are correct.
If the world price of a good is equal to its no-trade equilibrium price, the country will import more of the good from other nations
a. True b. False Indicate whether the statement is true or false
The regular pattern of income variation over a person's life is called the
a. earned income cycle. b. substitution effect. c. life cycle. d. pattern of change.
Every unit of good x that is produced in the United States is exported to other countries. An increase in the price of good x shows up
a. in the consumer price index and in the GDP deflator. b. in the consumer price index, but not in the GDP deflator. c. in the GDP deflator, but not in the consumer price index. d. in neither the consumer price index nor in the GDP deflator.