Competitive offers to buy and sell resources establish money prices, which reflect relative scarcities
A) in all economic systems.
B) in any economic system where efficiency is important.
C) only when there are no sunk costs to be recovered.
D) when resources are privately owned.
D
Economics
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If current unemployment is close to the natural rate of unemployment, the level of real GDP is likely to be close to the level of potential output
Indicate whether the statement is true or false
Economics
Two countries engaged in trade in products with no scale economies, produced under conditions of perfect competition, are likely to be engaged in
A) inter-industry trade. B) monopolistic competition. C) intra-industry trade. D) Heckscher-Ohlin trade. E) oligopolistic competition
Economics