A country’s level of trade is
a. the amount of exports and imports that are produced.
b. the amount of goods and services that are produced.
c the amount of production that is exported.
d. the amount of capital inflow.
c the amount of production that is exported.
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If rising costs have compelled an increase in the price of football tickets for next season, you could safely assume the college athletic director
A) doesn't know the difference between sunk costs and marginal costs. B) doesn't want fans to become angry or resentful about the price increase. C) isn't setting prices to maximize net revenue. D) really has not raised prices. E) would prefer not to raise prices but has no choice in the matter.
All else equal, if job turnover has people leaving jobs and finding new jobs in the same industry, this will
A) decrease the supply of labor, but not change the demand for labor. B) increase the demand for labor and the supply of labor. C) increase the demand for labor and decrease the supply of labor. D) not change demand or supply in the labor market.
The "true" costs of inflation to an economy include all of the following except:
A. higher relative prices. B. noise in the price system. C. shoe-leather costs. D. unexpected redistribution of wealth.
If a firm in a perfectly competitive market is currently producing the output where price = marginal cost > average total cost, the firm is:
A. earning a positive profit. B. earning a zero profit. C. suffering an economic loss. D. All of these