North's (1955) theory of economic location is that of "balanced growth"—many industries in each region must advance at about the same time in order for economic growth to occur

The fact that indifference curves are downward sloping

A) is not true. B) follows from the fact that more is preferred to less. C) follows from the property that the consumer likes diversity in his or her consumption bundle. D) follows from the property that consumption and leisure are normal goods.

When inflation occurs, net exports will

a. increase as imports decrease. b. increase as exports increase. c. decrease as imports decrease. d. decrease as imports increase.