People who argue for lifting the U.S. trade embargo with Cuba claim all of the following EXCEPT ________.
A) the embargo has not achieved its purpose of changing Cuba's economic and political system
B) U.S. companies lose Cuban sales to competitors from other countries
C) increased exposure to the United States would be a more effective force of change
D) Cuba has largely become a market economy already
D) Cuba has largely become a market economy already
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Suppose the inverse demand curve for a good is expressed as Q = 50 - 2p. If the good currently sells for $3, then the price elasticity of demand is
A) -3 ? (2/50). B) -2 ? (50/3). C) -2 ? (3/44). D) -3 ? (44/2).
One of the major insights by economist John Maynard Keynes about inventories and demand was that if planned inventories:
A. > actual inventories then demand was higher than anticipated. B. < actual inventories then demand was lower than anticipated. C. = actual inventories then demand was higher than anticipated. D. > actual inventories then demand was lower than anticipated.
Total revenue minus only explicit costs is called
a. accounting profit. b. economic profit. c. average total cost. d. implicit profit.
Which of the following statements most likely describes what occurred in this economy?
a. Stagflation resulted from the decrease in price levels coupled with lower output.
b. An inflationary gap resulted due to the shift from RGDPNR to RGDP2.
c. Output decreased and unemployment increased.
d. An increase in consumer confidence shifted AD1 to AD2.