A voluntary import expansion involves a
A) country agreeing to import more from another country.
B) country agreeing to reduce its trade barriers.
C) country agreeing to an import quota.
D) firm agreeing to expand output.
A
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The economy pictured in the figure has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; A B. recessionary; C C. recessionary; B D. expansionary; A
Daryl's Inc has formed a cartel with the two other firms in its industry. In which of the following market structures does Daryl's operate?
A) monopolistic competition B) oligopoly C) perfect competition D) monopoly E) legally protected monopoly
A firm that faces a downward sloping demand curve is known as a
A) price taker. B) utility maximizer. C) price searcher. D) perfect competitor.
When the residents of a nation are free to trade with foreigners, domestic producers will be able to
a. export more goods for which they are a high-cost supplier. b. supply a larger quantity of goods they can produce at a relatively low cost. c. charge higher prices then would otherwise be the case. d. survive in the marketplace even if they do not produce efficiently.