That part of the deficit that results from a downturn in economic activity is called the __________ deficit
A) net
B) gross
C) cyclical
D) structural
C
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Most economists who have studied it believe that the Great Depression was caused by:
A. poor economic policymaking. B. illegal immigration. C. the stock market crash. D. a sharp decline in average labor productivity.
In each of the following situations, list what will happen to the equilibrium price and the equilibrium quantity for a particular product, which is an inferior good
a. The population increases and productivity increases. b. Income increases and the price of inputs decrease. c. The number of firms in the market decreases and income increases. d. Consumer preference increases and the price of a complement decreases. e. The price of a substitute in consumption decreases and the price of a substitute in production decreases.
In general, which of the following do NOT tend to increase trade between two countries?
A) linguistic and/or cultural affinity B) historical ties C) larger economies D) mutual membership in preferential trade agreements E) the existence of well controlled borders between countries
A monopoly market
a. always maximizes total economic well-being. b. always minimizes consumer surplus. c. generally fails to maximize total economic well-being. d. generally fails to maximize producer surplus.