Voluntary export restraints are illegal under international trading rules
Indicate whether the statement is true or false
FALSE
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Consider a perfectly competitive firm with MC = 10 + q. If market demand is Q = 100 - P and the current industry output is 80 units, then the firm will produce
a. zero units. b. 10 units. c. 20 units. d. the answer cannot be determined without knowing what the supply curve is.
The IS curve shows that higher income levels require ________ interest rates to ensure that income equals ________
A) higher, planned autonomous spending B) higher, planned expenditures C) lower, planned autonomous spending D) lower, planned expenditures
The goal of the business firm is maximization of ____, and the goal of the consumer is maximization of ____.
A. total sales; income B. total profit; utility C. total output; utility D. total sales; utility
If total planned expenditures exceed real GDP, the economy will contract, causing production of goods and services to decrease and unplanned inventories to rise
a. True b. False Indicate whether the statement is true or false