The country with the largest trade surplus as a percentage of GDP in 2009 was
A. Japan.
B. China.
C. Germany.
D. England.
B. China.
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We should expect the consumption function to shift downward if
A. real interest rates rise. B. price levels fall. C. consumers become more optimistic about future incomes. D. consumers become more pessimistic about future incomes.
Economies of scale suggests that as the level of production:
a. decreases, the average cost of producing each individual unit increases. b. increases, the average cost of producing each individual unit increases. c. decreases, the average cost of producing each individual unit declines. d. increases, the average cost of producing each individual unit declines.
In producing the efficient amount of a public good, government should take into account:
A. only the demand from high-demand consumers. B. only the demand from low-demand consumers. C. the horizontal sum of all individual inverse demand curves. D. the vertical sum of all individual inverse demand curves.
If Microsoft is earning a rate of return greater than the return necessary for the business to continue operations in the long run, then
A. the normal rate of return is zero. B. total costs exceed total revenue. C. total costs exceed a normal rate of return. D. the firm is earning an economic profit.