Full-employment output is also called
A) potential output. B) national output. C) natural output. D) target output.
A
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Import quotas ________ the price of imported goods and ________ the quantity consumed in the nation imposing the quota
A) raise; increase B) raise; decrease C) lower; increase D) lower; decrease
Under a gold standard, a continual balance of surplus in any country can be sustained only as long as the country's gold reserves hold out
Indicate whether the statement is true or false
Which of the following is true of resources?
a. Capital resources include manual labor. b. Natural resources are available in nature and are available at a zero price. c. Labor includes the skills and training people acquire to use in production. d. Technological know-how is an example of a natural resource. e. Human capital is the technical term for a robot.
For firms that sell one product in a perfectly competitive market, marginal revenue is:
A. equal to market price. B. the additional revenue gained from selling one more unit. C. equal to average revenue. D. All of these are true.