If the United States has a trade deficit with China, then China must have
A) a trade surplus with countries other than the United States.
B) a trade surplus with the United States.
C) a trade deficit with countries other than the United States.
D) a trade deficit with the United States.
Answer: B
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In the above figure, which of the following statements is FALSE if the firm is operating at output level Q2?
A) The output is equivalent to an unregulated monopolist. B) Economic profits are positive. C) The price is lower than at an equivalent firm forced by regulators to charge ATC pricing. D) Average costs would be lowered by expanding output.
Bid-rigging is more likely when
a. auctions are for larger amounts b. auctions are frequent c. auctions are infrequent d. the auctioneer is paid on commission rather than a fixed fee