When a nation's exports exceed its imports, it has a
A. exchange rate discrepancy.
B. trade shortage.
C. trade embargo.
D. trade surplus.
Answer: D
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Suppose a monopolist's costs and revenues are as follows: ATC = $50.00; MC = $45.00; MR = $40.00; P = $55.00. The firm should
A) increase output and decrease price. B) decrease output and increase price. C) not change output or price. D) shut down.
A supply schedule shows the relationship between
a. demand and supply b. supply and income c. price and income d. quantity supplied and price e. income and quantity supplied
Proved reserves of natural gas and oil
a. will last only another five years at the current worldwide consumption rate. b. reveal little about whether the world is about to run out of these resources since they are calculated at present levels of price and technology. c. are just another way of measuring how many years civilization will continue. d. indicate that the supply of petroleum will be depleted by the year 2020 unless governments adopt price controls and energy rationing.
Mr. Calhoun owned a worn-out piece of farmland for growing cotton, which he had been unable to rent for years. Suddenly he was getting offers from cotton farmers to lease his land. What is the most likely explanation of this?
A. The price of cotton went down. B. The physical productivity of the land went up. C. Taxes on land went up. D. The price of cotton went up.