The United States became a net debtor because
A. it ran consistently large current account deficits.
B. it provided much foreign aid to other countries.
C. it lent a lot to people in foreign countries.
D. it ran consistently large current account surpluses.
Answer: A
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A single-price monopolist will find when it produces its profit-maximizing amount of output that
A) price exceeds marginal revenue. B) price exceeds marginal cost. C) marginal revenue equals marginal cost. D) All of the above occur at the profit-maximizing output level.
What characteristic of monopolistic competition may help to offset the inefficiency of this market structure?
A) Free entry and exit imply that firms produce at minimum long-run average cost. B) Consumers may value the product diversity that allows them to choose from a wide variety of differentiated products. C) Consumers may feel better about the inefficiency if they know that firms earn zero profits. D) Consumers may prefer this outcome to monopoly or monopsony.
What is the most accurate description of skilled and unskilled workers if labor supply curves are not perfectly inelastic (perfectly vertical)?
a. If the two types are complements, then the increases in immigration during the late 1800s would have increased the quantity and wages of skilled workers and decreased the wages of unskilled workers. b. If the two types are substitutes, then the increases in immigration during the late 1800s would have increased the quantity and wages of skilled workers and decreased the wages of unskilled workers. c. If the two types are complements, then the increases in immigration during the late 1800s would have increased wages of skilled workers, decreased the number of skilled workers, and decreased the wages of unskilled workers.
Total utility can be objectively measured in numbers that indicate usefulness or benefit to the consumer
a. True b. False Indicate whether the statement is true or false