Which of the following countries has consistently run trade deficits in recent years?
a. Germany
b. France
c. United States
d. Japan
c. United States
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In 2002 the steel industry successfully lobbied Congress to impose a tariff of 8 to 30 percent on foreign steel. Which of the following is an unintended consequence of this tariff?
(a) U.S. steel firms were protected from the price cutting efforts of foreign competitors benefiting from governmental support in their countries. (b) U.S. steel firms could charge higher steel prices in order to boost profits. (c) Many steel-using firms in the U.S. went out of business and about 200,000 workers lost their jobs to higher steel prices. (d) American steel workers kept their jobs.
The short-run supply curve of a perfectly competitive firm
a. intersects the minimum point of its short-run average total cost curve but not its short-run average variable cost curve. b. intersects the minimum point of its short-run average variable cost curve but not its short-run average total cost curve. c. intersects the minimum point of both its short-run average variable cost and its short-run average total cost curves. d. intersects the minimum point of its short-run average total cost curve and may or may not intersect the minimum point of its short-run average variable cost curve.
The largest part of national income is: # randomize
A. Consumption B. Investment C. Saving D. Transfer payments
People will be likely to spend a higher percentage of any additional income when _____
Fill in the blank(s) with the appropriate word(s).