In 2014, in the United States the sum of the balance of all three of the balance of payments accounts was
A) slightly negative.
B) slightly positive.
C) greatly positive.
D) greatly negative.
E) zero.
E
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Which of the following would cause a shift to the right of the supply curve for gasoline?
I. A large increase in the price of public transportation. II. A large decrease in the price of automobiles. III. A large reduction in the costs of producing gasoline. A) I only B) II only C) III only D) II and III only
If a firm has a monopoly in both the production and distribution of a product and the managers of both the production and distribution divisions maximize profits, all of the following are true except which one?
A) A successive monopoly will occur within the firm. B) The firm will maximize its total profit. C) The manager of one of the divisions should be instructed to maximize profit and the manager of the other division should be instructed to operate as a perfectly competitive firm. D) Double marginalization will occur within the firm.
All of the following apply to the description of a market in equilibrium except: a. quantity supplied equals quantity demanded. b. the intersection of the supply and demand curves. c. no excess supply exists
d. no excess demand exists. e. the price of the good is falling.
A drought destroys much of the grape crop. As a result, consumer surplus in the market for wine:
a. decreases. b. increases. c. remains unchanged. d. depends on the deadweight loss.