At least in the short run, each of these factors has increased competition except
A. the entry of foreign firms.
B. the growth in size of many American firms.
C. the rise of the service industries.
D. the rise of new industries.
B. the growth in size of many American firms.
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What is purchasing power parity? Why might it not hold?
What will be an ideal response?
Which of the following is false?
a. A resource is anything that can be used to produce anything else we value. b. Resources are costly because they have alternative uses c. Losses mean resources are not being used efficiently. d. None of the above is false; all are true.
If inflation is underestimated by decision makers in the economy when it is rising, the SRAS curve will tend to be: a. vertical
b. horizontal. c. downward sloping. d. upward sloping.
Behavioral economists attempt to take into account predictably irrational behavior.
Answer the following statement true (T) or false (F)