A country’s trade surplus is the excess of its exports over its imports.
Answer the following statement true (T) or false (F)
True
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When we compare PAE and actual output (Y) the macroeconomic variable we generally use to directly assess their equivalence is:
A. capital expenditure. B. inventories. C. unemployment. D. interest rates.
The kinked demand model of noncollusive oligopoly assumes that:
A. each firm is a least-cost producer of the product. B. demand is elastic throughout the range of production. C. marginal revenue is greater than marginal cost at the kink. D. rivals will ignore price increases and match price cuts.
Refer to Table 4-14. The equations above describe the demand and supply for Pauline's Pickled Pomegranates. The equilibrium price and quantity for Pauline's Pickled Pomegranates are $30 and 15 thousand units
What is the value of economic surplus in this market? A) $50 thousand B) $112.5 thousand C) $225 thousand D) $337.5 thousand
In the consumption function, suppose a = 60, c = 0.75, Y = 3000, and T = 800. Consumption expenditure is
A) 2910. B) 2245. C) 1710. D) 1590. E) 1510.