Net exports is negative if
A) the value of exports exceeds the value of imports.
B) the value of imports exceeds the value of exports.
C) the tariff payments are included in the value of imported and exported items.
D) too much production occurs in the exporting country during the year.
B
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U.S. households use about 75 gallons of water per capita per day on the average because
A) the price they must pay for water is low. B) there is so much fresh water in the U.S. C) they use water in irrational ways. D) water is a basic necessity of life. E) water is a basic right.
The law of demand says that the lower the price of a good, other things constant,
a. the smaller the demand for that good b. the larger the demand for that good c. the smaller the quantity demanded of that good d. the larger the quantity demanded of that good e. the smaller the real income of consumers and the lower the quantity demanded of that good
Production by a monopoly would result in the socially optimal allocation of resources if
a. price is set equal to marginal cost b. marginal revenue is set equal to price c. marginal revenue is set equal to marginal cost d. price is set equal to average total cost e. marginal revenue is set equal to average total cost
According to the expenditures approach, gross domestic product represents the sum of consumption spending, government spending, net exports, and net investment
a. True b. False Indicate whether the statement is true or false