Over a given period of time, if exports are greater than imports, the result is
A. An embargo.
B. A trade war.
C. A trade surplus.
D. A trade deficit.
Answer: C
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Answer the following statement(s) true (T) or false (F)
1. A normative criteria is a way of balancing benefits against costs. 2. Consumer's surplus equals the total value that the consumer places on his purchases minus the amount he actually paid. 3. A consumer's demand curve for pizza is identical to his total value curve for pizza. 4. Market demand always represents marginal value. 5. Social or welfare care is consumer surplus minus producer surplus.
Which type of exchange rate system minimizes external shocks to an economy?
What will be an ideal response?
Suppose the government provides a tax cut today that is matched by a tax increase in the future that's equal in present value to the tax cut. This causes a consumer's saving to
A. increase. B. remain unchanged. C. decrease. D. increase if the person was a lender and decrease if the person was a borrower.
Suppose a firm experiences lower average costs whenever output increases in the long run. Then we would expect the firm to have:
A. a U-shaped long-run average cost curve. B. an L-shaped long-run average cost curve. C. a long-run average cost curve that always decreases. D. a minimum efficient scale relatively close to the origin.