A merchandise trade deficit
a. occurs when net exports are positive.
b. occurs when imports are greater than exports.
c. is usually accompanied by decreases in foreign investment in the U.S
d. occurs when domestic investment is less than domestic saving.
e. none of the above.
b. occurs when imports are greater than exports.
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Quasiconcave production functions give rise to convex producer choice sets.
Answer the following statement true (T) or false (F)
In the table above, the marginal product of the 5th worker is ________ units per week
A) 2 B) 5 C) 10 D) 19
Which of the following represents a transfer payment?
a. payment to a company for moving expenses b. a Social Security benefit payment c. payment to an importer d. a postal clerkâs salary
Even when a firm produces the level of output at which price equals marginal cost, it should shut down if its total revenue is less than its:
A. total cost. B. fixed cost. C. marginal cost. D. variable cost.