Which of the following countries has lower total government tax revenue as a percentage of GDP than the United States?
a. Canada
b. Germany
c. Sweden
d. Mexico
d
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In the base year, real GDP ________ nominal GDP.
A. is equal to B. is less than C. is greater than D. could be greater than or less than
Which of the following most closely approximates the conditions of a monopolistically competitive market?
A. The market for Grade A eggs, which is characterized by a large number of firms producing a homogeneous product. B. The restaurant industry, which is characterized by firms producing a differentiated product in a market with low entry barriers. C. Local cable television service, where a licensed supplier competes with firms offering satellite service. D. The market for jumbo aircraft, where one major domestic firm competes with one major foreign firm.
Under the gold standard, when a nation had a deficit in its balance of payments
A) interest rates would rise which would reduce foreign investment. B) interest rates would fall which would increase foreign investment. C) gold would flow to foreign residents and the domestic money supply would decrease. D) gold would flow into the country leading to an increase in the domestic money supply.
Minimum efficient scale is defined as the level of output at which
A) all economies of scale are exhausted. B) diminishing returns affect average total cost. C) the firm's long-run average total cost starts falling. D) the maximum output is produced.