In the HO model, a "box diagram" describes the distribution of:
a. output between the two producing sectors in a country.
b. output between the two countries of the model.
c. labor and capital between the two producing sectors of a country.
d. labor between the two countries of the model.
Ans: a. output between the two producing sectors in a country.
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If a restaurant was a natural monopoly, its
A) marginal revenue curve would be horizontal. B) marginal revenue curve would be the same as its demand curve. C) marginal cost curve would still be declining when it crossed the demand curve. D) average total cost curve would still be declining when it crossed the demand curve.
Refer to Figure 29-1. Currency speculators believe that the value of the euro will increase relative to the dollar. Assuming all else remains constant, how would this be represented?
A) Supply would decrease, demand would increase and the economy moves from A to D to C. B) Supply would increase, demand would increase and the economy moves from D to A to B. C) Supply would decrease, demand would decrease and the economy moves from B to C to D. D) Supply would increase, demand would decrease and the economy moves from C to B to A.