The following data describe Mexico's economy in 2007
Government spending $210 billion
Investment $210 billion
Exports $272 billion
Imports $283 billion
GDP 1 trillion
Population 110 million
From the data, we can conclude that ________ in Mexico in 2007.
A) consumption totaled $591 billion
B) net exports totaled -$11 billion
C) GDP per person equaled $2000
D) imports were the largest component of GDP
A
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Monopolistic competition is similar to perfect competition in that:
A. firms advertise in both cases. B. both entail the production of differentiated products. C. output is at minimum average total cost in both. D. long-run profits tend toward zero in both.
When a market consists of many small firms, it:
A. must be a perfectly competitive market. B. cannot be a monopoly. C. cannot be a monopolistically competitive market. D. can only be an oligopoly.