A U.S. citizen buys some toys made in China for his son. This is an example of a(n) ________
A) transfer payment to the U.S. B) import by China
C) transfer payment to China D) export by China
D
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The condition where firms want to sell more than consumers want to buy is called
A. a market collapse. B. an equilibrium. C. a shortage. D. a surplus.
The cyclical deficit:
A. is the deficit that exists if the economy is at potential income. B. rises as the economy moves below potential output. C. is not affected by changes in actual income or potential income. D. rises as the economy expands and falls as the economy contracts.
If marginal utility is zero
A. total utility increases at an increasing rate. B. total utility is at a maximum. C. people will consume more of the good only if the price is zero. D. total utility increases at a decreasing rate.
The wage rate will fall and firms will increase employment to the point where MRP equals the new wage rate if
A. the demand for labor decreases. B. the demand for labor increases. C. the supply of labor increases. D. the supply of labor decreases.