If a country has a trade surplus of $60 billion, which of the following can be true?
A. The country's exports are $160 billion, and its imports are $60 billion.
B. The country's exports are $120 billion, and its imports are $180 billion.
C. The country's exports are $110 billion, and its imports are $190 billion.
D. The country's exports are $180 billion, and its imports are $120 billion.
Answer: D
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The money supply will decrease if
A) either the monetary base or the money multiplier increases in value. B) either the monetary base or the money multiplier decreases in value. C) either the monetary base increases in value or the money multiplier decreases in value. D) either the monetary base decreases in value or the money multiplier increases in value.
If cheese spreads and butter are substitutes, an increase in the price of butter will:
a. shift the demand curve for cheese spreads upward. b. shift the demand curve for cheese spreads downward. c. shift the demand curve for butter upwards. d. shift the demand curve for butter downward.
Figure 5-12
In Figure 5-12, the move in the consumer equilibrium from A to B shows that
a.
beer is an inferior good, but wine is a normal good.
b.
wine is an inferior good, but beer is a normal good.
c.
both beer and wine are normal goods.
d.
both beer and wine are inferior goods.
Marginal revenue equals marginal cost at an output of 15 units. At this output, marginal revenue equals $30, average variable cost equals $20, and average total cost equals $25. In the short run, a profit-maximizing firm will earn a profit of
A. -$75. B. $0. C. $75. D. $150.