A country that typically runs a trade deficit is:
A. the United States.
B. Germany.
C. China.
D. Japan.
A. the United States.
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Which of the following statements correctly highlights the difference between microeconomics and macroeconomics?
A) Microeconomics is descriptive, whereas macroeconomics is advisory. B) Microeconomics primarily deals with positive analysis, whereas macroeconomics primarily deals with normative analysis. C) Microeconomics deals with a small part of the economy, whereas macroeconomics deals with aggregate economic performance. D) Microeconomics describes what economic agents actually do, whereas macroeconomics describes what economic agents ought to do.
Goodspeed Automobiles manufactures 100 disc brake cylinders. At this output level, its marginal revenue is equal to its marginal cost. If the revenue per unit of output is $500 and the per unit cost is $350, its profit is:
a. $20,000. b. $15,000. c. $45,000. d. $25,000. e. $10,000.
Which of the following is false?
A) Special interest legislation is necessarily bad legislation in the sense that it does not (because it cannot) ever benefit the general public. B) A special interest group is a subset of the general population that holds usually intense preferences for or against a particular government service, activity, or policy. C) Congressional districts can be thought of as special interest groups for certain purposes. D) Special interest groups are likely to argue for their specific policies or programs by claiming they serve the best interests of the general public.
When does a subsidy that benefits consumers result in a more efficient allocation of a resource?
A. when the equilibrium price of the good is one that consumers don't like B. when the good being produced or consumed generates a positive externality C. when the good being produced or consumed is not scarce D. when the good being produced or consumed generates a negative externality