In the figure above, the marginal cost of producing a computer
A) increases as more computers are produced.
B) stays the same as more computers are produced.
C) decreases as more computers are produced.
D) is the same as the marginal cost of producing a television set.
A
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The addition of government to the circular-flow model illustrates that government
A. purchases goods in the product market. B. provides services to businesses and households. C. purchases resources in the resource market. D. does all of these.
The most common type of tariff is the export tariff.
a. true b. false
Which of the following might you believe if you say that "it's their fault" that the United States runs a trade deficit?
A. American consumers borrow too much to buy imported goods like cars and electronics. B. U.S. manufacturers are incompetent and unable to compete with foreign producers. C. Other countries have used nontariff barriers to keep out U.S. exports. D. The United States is a successful rich economy that can afford a lot of imports.
Economic analysis is a tool that
A) aids all decision making. B) helps us understand why people make mistakes. C) helps us forgive selfish people. D) makes everyone rich.