If a nation is a net importer it means that the:
A) nation only imports goods and services and does not export any good.
B) nation only imports those goods in which it has an absolute disadvantage.
C) nation's imports are worth more than exports over a given period of time.
D) nation prohibits the import of goods and services that can be produced domestically.
C
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Suppose you're willing to tutor a student for $10 an hour. The student pays you $15 an hour. What is your producer surplus?
A) $5 an hour B) $10 an hour C) $15 an hour D) $25 an hour E) More than $25 an hour
Owners and managers
A) must be the same people. B) may be different people with different goals, and in the long run firms that do best are those in which the managers are allowed to pursue their own independent goals. C) may be different people with different goals, but in the long run firms that do best are those in which the managers pursue the goals of the owners. D) may be different people with different but exactly complementary goals. E) may be different people with the same goals.