If net exports decrease, the expenditure schedule will
a. get steeper.
b. get flatter.
c. shift upward.
d. shift downward.
d
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If the supply of a product is perfectly elastic and demand is downsloping, an excise tax of $2 per unit will increase price by:
A. more than $2. B. less than $2. C. $2 and increase equilibrium output. D. $2 and reduce equilibrium output.
What was the GATT, why was it established, and why and with what was it replaced?
What will be an ideal response?
The interest on loans paid by businesses is called
A. retained earnings. B. net factor payments. C. net interest. D. depreciation.
A profit maximizing firm in any type of market for its output would hire the quantity of labor at which
a. the marginal cost of output is equal to the marginal revenue product of labor, where MRP is sloping downward. b. the wage rate is equal to marginal revenue product, where MRP is downward sloping. c. the wage rate is equal to marginal revenue product, where MRP is still sloping upward. d. the difference between the wage rate and marginal revenue product is greatest.