The market supply curve in a perfectly competitive market is usually
A. Vertical.
B. Horizontal.
C. Downward-sloping.
D. Upward-sloping.
Answer: D
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How might other firms in an oligopoly interpret your drop in price?
What will be an ideal response?
In the U.S. economic-growth experience:
A. Most capital substitutes for labor B. Most capital is complementary to labor C. The amount of capital available per worker has been relatively constant D. The amount of capital available per worker has been decreasing
Net exports are 2. U.S. exports and imports each affects domestic production because 3. Suppose foreigners spend $7 billion on American exports in a given year and Americans spend $5 billion on imports from abroad in the same year. What is the amount of U.S. net exports? 4. Net exports might be a negative amount if Americans
1. Net exports are a. a country’s exports of goods plus its imports of services. b. a country’s exports of goods and services plus its imports of goods and services. c. a country’s exports of goods and services less its imports of goods and services. d. a country’s exports of goods less its imports of services. 2. U.S. exports and imports each affects domestic production because a. exports and imports are subtracted from U.S. GDP. b. imports are added to U.S. GDP and exports are subtracted. c. exports and imports are added to U.S. GDP. d. imports are subtracted from U.S. GDP and exports are added. 3. Suppose foreigners spend $7 billion on American exports in a given year and Americans spend $5 billion on imports from abroad in the same year. What is the amount of U.S. net exports? a. - $12 billion b. + $2 billion c. + $12 billion d. - $2 billion 4. Net exports might be a negative amount if Americans a. decrease their holdings of foreign currencies, borrow from foreigners, or do a little of both. b. increase their holdings of foreign currencies, borrow from foreigners, or do a little of both. c. decrease their holdings of foreign currencies, lend to foreigners, or do a little of both. d. increase their holdings of foreign currencies, lend to foreigners, or do a little of both.
Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower