By 2016, the U.S. trade deficit with China
A) had fallen to almost zero.
B) was nearly $300 billion.
C) had decreased to the same level of the early 2000s.
D) had become a trade surplus.
Answer: B
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ABC Company is currently producing 450 units of output. The output is sold in a perfectly competitive market at a price of $35 . The marginal cost of the 450th unit is $38
Is ABC Company producing at the profit-maximizing level of output? Explain.
When a country has the ability to produce more of a good than others with a given amount of resources, they:
A. have an absolute advantage. B. have a comparative advantage. C. are free-traders. D. should remain self-sufficient.
Right-to-work laws
A) make it illegal to require union membership as a condition of continuing employment in a particular firm. B) make it illegal to require a union member to work abroad. C) make it illegal for a state to pass any laws regarding union membership. D) make a closed shop arrangement a legal condition that allows employees to obtain a particular job.
Use the information provided in Table 7.2 below to answer the question(s) that follow.
Table 7.2Inputs Required to Produce a Product Using Alternative Technologies
Refer to Table 7.2. Which technology is the least capital intensive?
A. A B. B C. C D. D