When a country's exports of goods are ________ its imports of goods in a given period, it has a trade surplus.
A. greater than
B. unrelated to
C. equal to
D. less than
Answer: A
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If the United States has a net export deficit, which of the following must be true? (Assume that the capital account is zero and net transfers are zero.)
A) Net foreign investment must be negative as well. B) Domestic private saving must be less than net foreign investment. C) Domestic public saving must be less than net foreign investment. D) The balance on the financial account must equal the balance on the current account.
If the domestic income of a nation’s citizens increase thus causing consumption spending to increase, then we generally expect net export spending to:
A. increase as well because as consumption increases we also buy more foreign goods and services. B. decrease as well because as consumption increases we also buy more foreign goods and services. C. remain constant because when we increase domestic purchases it is directly offset by a reduction in foreign purchases. D. there is not enough information to determine what would happen.
The figure shows the total product curve for a ski manufacturer. How many workers should the firm hire if its objective is to maximize its weekly production?
a. 1 b. 3 c. 2 d. 4
The Herfindahl index is calculated by:
A. adding the percentage of industry output produced by the largest four firms. B. multiplying the squared value of the market shares of all the firms in the industry. C. adding the percentage of industry output produced by the largest eight firms. D. adding the squared value of the market shares of all the firms in the industry.