A competitive equilibrium has all of the following properties except

The simultaneous export and import of widgets by the United States is an example of

A) intra-industry trade. B) increasing returns to scale. C) imperfect competition. D) inter-industry trade. E) the effect of a monopoly on international trade.

The difference between a positive economic statement and a normative statement is that

a. a positive statement must be true; a normative statement is often not true b. a normative statement must be true; a positive statement is often not true c. a positive statement can be verified; a normative statement cannot d. a normative statements can be verified; a positive statement cannot e. a positive economic statement is a moral judgment; a normative economic statement is not a moral judgment