The main reason our current account deficit is so large is that
A. we are running huge merchandise trade deficits.
B. we are running huge federal budget deficits.
C. we are allowing too much foreign investment in the United States.
D. we are investing too much abroad.
A. we are running huge merchandise trade deficits.
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Suppose a monopolist and a perfectly competitive firm have the same cost curves. The monopolistic firm would:
a. charge a lower price than the perfectly competitive firm. b. charge a higher price than the perfectly competitive firm. c. charge the same price as the perfectly competitive firm. d. refuse to operate in the short run unless an economic profit could be made. e. refuse to operate in the short run if an economic loss was present.
All of the following are true regarding the relationship between price elasticity of demand and total revenues EXCEPT
A) when market demand is elastic, if the market price declines, then total revenues will rise. B) when market demand is unit elastic, if the market price rises, then total revenues will not change. C) when market demand is inelastic, if the market price falls, then total revenues will decrease. D) when market demand is inelastic, if the market price rises, then total revenues will decrease.
Which factors explain labor productivity?
A) diminishing returns; the quantity of labor per hour worked B) diminishing returns; the quantity of capital per hour worked C) technological change; the quantity of capital per hour worked D) technological change; the quantity of labor per hour worked
Which of the following are barriers to entry?
A) economies of scale B) patents and copyrights C) control of resources D) all of the above