A statement about economic behavior or the economy that enables prediction of the probable effects of certain actions is known as a(n): (check all that apply)

Country X exports 10 million tonnes of wheat to Country Y. Which of the following will happen in this case?

A) Country X's GNP will decrease. B) Country Y's GNP will increase. C) Country Y's GDP will increase. D) Country X's GDP will increase.

In the long run, perfectly competitive firms produce at the output level that has the minimum

A) marginal cost. B) average total cost. C) average variable cost. D) average fixed cost. E) total revenue.