The trade-to-GDP ratio for the United States reached its lowest point of the last 100 years
A) around 1900.
B) around 1970.
C) around World War II.
D) around World War I.
E) around 2008.
C
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Refer to Figure 4-7. The figure above represents the market for iced tea. Assume that this is a competitive market. If the price of iced tea is $3, what changes in the market would result in an economically efficient output?
A) The quantity supplied would decrease, the quantity demanded would increase, and the equilibrium price would decrease. B) The price would decrease, quantity demanded would increase, and quantity supplied would decrease. C) The price would decrease, the quantity supplied would increase, and the quantity demanded would decrease. D) The price would decrease, the demand would increase, and the supply would decrease.
Suppose the U.S. dollar price of the Japanese yen decreases. Given this information, which of the following is correct?
A) The dollar has appreciated. B) The dollar has depreciated. C) The yen has appreciated. D) The yen price of the dollar decreased.
Price equals the minimum of long-run average cost
A) in a long-run equilibrium. B) in a short-run equilibrium as well as in a long-run equilibrium. C) whenever average revenue equals marginal cost. D) along a horizontal long-run supply curve, but not along an upward sloping long-run supply curve.
Which of the following is an unintended side effect of protectionist policies to protect domestic jobs?
a. The consumers are paying higher prices to the protected industry, so they will purchase less product from that industry, and jobs are lost in the protected industry. b. The protected product is sold to other firms, who must now pay a higher price for a key input, so those firms will lose sales to foreign producers who do not need to pay the higher price. c. The protected product is sold to other firms, who must now pay a higher price for a key input, so those firms will increase sales from foreign producers. d. The consumers are paying higher prices to the protected industry, so they will purchase more products from unprotected industries, and jobs are gained in the unprotected industry.