One of the results of the strong economic growth in the United States relative to the rest of the world is a
a. U.S. trade surplus.
b. U.S. trade deficit.
c. growing U.S. net exports.
d. trade deficit for U.S. trading partners.
b
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Since externalities tend to keep markets from reaching a socially optimal equilibrium, government action
a. is always needed because private solutions can never be attained. b. is needed when private solutions fail to arise. c. will be needed only to correct for positive externalities. d. will be needed only to correct for negative externalities.
During the mid and last part of the 1990's both inflation and unemployment were low. In general this could have been the result of
a. adverse supply shocks that shifted the short-run Phillips curve left. b. adverse supply shocks that shifted the short-run Phillips curve right. c. favorable supply shocks that shifted the short-run Phillips curve left. d. favorable supply shocks that shifted the short-run Phillips curve right.
Market participants include:
A.) Business firms and consumers but not foreigners. B.) Consumers only. C.) Consumers, business firms, governments and foreigners. D.) Foreigners but not business firms.
In the figure above, when 4,000 pizzas are produced, the marginal benefit of a pizza ________ its marginal cost, which means ________ pizza is being produced
A) exceeds; too little B) exceeds; too much C) is below; too much D) is below; too little E) equals; the efficient quantity of