Net exports equals _____
a. the value of exports minus the value of imports
b. the value of imports minus the value of exports
c. the value of imports minus tariffs
d. the value of exports minus tariffs
e. the value of exports plus the value of imports minus depreciation
a
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Differentiate between positive and normative economics using examples
What will be an ideal response?
The liquidity effect indicates that expansionary monetary policy causes
A) interest rates to fall. B) interest rates to rise. C) bond prices to fall. D) inflation.
In 1862, the Homestead Act made land available to farmers at zero cost. Yet many farmers preferred to purchase land along the rail line from the railroad. The farmers
A. were duped by the railroads. B. knew the soil was better near the railroads. C. realized that crops would be less costly to grow and transport on land near the railroads. D. were exploited by the railroads.
As firms enter a monopolistically competitive market in the long run:
A. price increases, the market quantity demanded increases, and the quantity supplied by an individual firm increases. B. price decreases, the market quantity demanded increases, and the quantity supplied by an individual firm decreases. C. price decreases, but firm profits increase as average costs decrease. D. price increases and firm profits increase.