Assume an economy is incurring unemployment. The effect of resolving this problem will be to:
A. move the level of actual output on to the economy's production possibilities curve.
B. create a less equal distribution of income.
C. shift its production possibilities curve to the left.
D. shift its production possibilities curve to the right.
Answer: A
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If private consumption in the United States was 69 percent of GDP, investment was 18 percent, government purchases were 18 percent, exports were 9 percent, and imports were 14 percent, net exports were equal to ____ percent of GDP
a. -5 b. 5 c. -23 d. 23
The rental price of land is
a. the price paid for ownership of the land. b. the price paid for the flow of services from land over a specified time period. c. always more than the purchase price. d. All of the above are correct.
In 2015, U.S. net exports were
a. positive and about 3 percent the size of GDP. b. positive and about 6 percent the size of GDP. c. negative and about 3 percent the size of GDP. d. negative and about 6 percent the size of GDP.
Which of the following will NOT be true if the antitrust laws are successful?
A. Firms will not restrict output. B. Firms will produce the competitive output. C. Firms will produce the quantity at which marginal cost equals marginal revenue and charge a price that is greater than marginal cost. D. Producers will earn zero economic profits in the long-run.