The term "balance of trade" refers to the:
a. importing and exporting of goods.
b. importing and exporting of goods and services.
c. current account trade balance.
d. capital outflows minus inflows.
a
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Refer to Figure 4-7. The figure above represents the market for iced tea. Assume that this is a competitive market. At an output of 30,000 units
A) the marginal cost of iced tea is greater than the marginal benefit; therefore, output is inefficiently high. B) producers should raise the price to $3 in order to sell the quantity demanded of 30,000. C) the marginal benefit of iced tea is greater than the marginal cost; therefore, output is inefficiently high. D) the marginal benefit of iced tea is greater than the marginal cost; therefore, output is inefficiently low.
Asset inflation has a danger of:
A. reducing the productive capacity of assets. B. leading to a misallocation of resources to risky investments. C. accommodating contractionary monetary policy. D. obscuring goods inflation.
Which of the following is true under monopoly?
A. P = MR B. P > ATC C. P > MC D. P = ATC
Refer to the data provided in Table 9.2 below to answer the question(s) that follow.
Table 9.2
Refer to Table 9.2. If the market price is $20, then to maximize profits this firm should produce
A. zero units of output. B. one unit of output. C. two units of output. D. four units of output.