Technological efficiency occurs when the firm produces a given output by using the least amount of inputs
Indicate whether the statement is true or false
TRUE
Economics
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An economy is considered a small open economy if it
A) is too small to affect the world real interest rate. B) has GDP less than 1% of world GDP. C) doesn't trade internationally. D) has a zero trade balance.
Economics
Equilibrium is defined as a situation in which
A) neither buyers nor sellers want to change their behavior. B) no government regulations exist. C) demand curves are perfectly horizontal. D) suppliers will supply any amount that buyers wish to buy.
Economics