The reasons that nations trade include the fact that
a. resources are distributed unequally across countries, and persons must trade to get more of what they want by specialization and trade.
b. differences in climate lead to unequal abilities to grow certain types of food
c. no one country produces all of what citizens within the country want.
d. all of the above
d
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Events like war often destroy technology, decreasing a nation's long-run capacity to produce. This will cause: a. the long-run aggregate supply curve to shift rightward
b. the long-run aggregate supply curve to shift leftward. c. an upward movement along the long-run aggregate supply curve. d. a downward movement along the long-run aggregate supply curve.
Reducing class size will
A. improve student test scores. B. decrease student test scores. C. have no impact on student test scores. D. have an undetermined impact on test scores.
A monopolistically competitive firm can raise its price somewhat without fear of great change in unit sales because of
A. Brand loyalty. B. Economies of scale. C. Large market shares of firms in the market. D. Inelastic demand.
Economic profit might result from:
A. easy entry into industries. B. dynamic change and uncertainty. C. X-inefficiency. D. a decline in entrepreneurship.