The United States first became a creditor nation in the year _______.
Fill in the blank(s) with the appropriate word(s).
1914
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While the price of a resource may increase sharply during some periods, the structure of ____ accompanying the price increase makes depletion highly unlikely and provides the seeds for future reversal
a. government programs b. foreign competition c. incentives d. taxation
Microeconomics differs from macroeconomics in that microeconomics focuses on:
A. the performance of the entire economy. B. government policies designed improve the performance of the national economy. C. the choices made by individuals and the implications of those choices. D. issues such as inflation, unemployment and economic growth.
The Secretary of Labor states that wage rates in the country have risen by 2 percent this past year. The head of a local labor union states that wage gains have not kept pace with the 3 percent rate of inflation. The Secretary's statement is a (n) ____ economic statement, and the labor head's statement is a (n) ____ economic statement.
A. normative; normative B. normative; positive C. positive; normative D. positive; positive
Price discrimination by a monopolist is less effective if the
A) good can be resold. B) good has no substitutes. C) monopolist can identify buyers by willingness to pay. D) good cannot be resold.