It is impossible for both nations to gain when trading with one other
a. True
b. False
Indicate whether the statement is true or false
False
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In a perfectly competitive market, if market price is lower than the average total cost of production:
A) new firms will enter the market. B) existing firms will leave the market. C) all existing firms will earn positive economic profits. D) all existing firms will earn zero economic profits.
Refer to above figure. What is the amount of government revenue resulting from imposition of the tariff?
What will be an ideal response?
Which of the following is not considered part of the services category under the expenditure approach to GDP accounting?
a. sporting events b. haircuts c. commercial airline transportation d. privately owned jets
Your economics professor has announced that he or she will assign final grades as follows: the top 20 percent of students will get an A, the bottom 20 percent of students will get an F, and everyone else will get a C. This grading scheme generates a positional externality because:
A. each student's final grade depends on his or her relative standing. B. studying requires both time and effort. C. society as whole will be better off when people are educated. D. students will study hard no matter how the professor assigns final grades.