The balance of payments:
A. can only be expanded when the government has foreign exchange reserves.
B. is always zero
C. with some nations is different than it is with others
D. is negative when the nation runs a trade deficit
Answer: B
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When the government's expenditures exceed its tax revenues, the budget
A) has a deficit and the national debt is increasing. B) has a surplus and the national debt is increasing. C) is balanced and the national debt is increasing. D) has a deficit and the national debt is decreasing. E) None of the above because by law the government's expenditures cannot exceed its tax revenue.
If smartwatches are considered substitutes for smartphones, then the decline in the price of smartwatches would, all else equal
A) increase the demand for smartphones. B) decrease the quantity of smartphones demanded. C) decrease the demand for smartphones. D) increase the quantity of smartphones demanded.
The fast-food industry is generally considered to be a constant cost industry in regards to its use of labor as an input. Why? a. Few people prefer to work in the industry
b. Available labor is in short supply. c. Firms use a relatively small share of unskilled labor in most cities. d. The productivity of the workers is relatively low.
Figure 11-7
The firm in Figure 11-7 is an unregulated monopolist; it will produce which of the following?
A. 175 units at a price of 7 B. 100 units at a price of 6 C. 100 units at a price of 9 D. 150 units at a price of about 7.5