When we speak of the national debt, we refer to the federal government debt only
a. True
b. False
Indicate whether the statement is true or false
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.
We are assuming that returns to scale are
A) scalable. B) constant. C) increasing. D) zero.
The demand for classical music is _______________ than is the demand for Beethoven's music because _______________.
A. less price elastic; classical music requires a smaller portion of one's income B. more price elastic; classical music requires a smaller portion of one's income C. less price elastic; the scope of the market for classical music is more broadly defined D. more price elastic; the scope of the market for classical music is more broadly defined
An essential characteristic of a perfectly competitive market is that buyers and sellers have:
A. no competition and so must set the market price on their own. B. so much competition that they must work together perfectly to set a market price. C. so much competition that they have no ability set their own price. D. no control over the price they set because it is determined by government.