How much did world trade total in 2011?
a. 16 trillion
b. 18 trillion
c. 20 trillion
d. 22 trillion
b
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The three sources of government revenue are taxes, the ________ of government bonds, and the ________ of high-powered money
A) issuance, collection B) issuance, issuance C) buying back, collection D) buying back, issuance
Which of the following is a characteristic of oligopoly?
A) mutual firm independence B) zero economic profits in the short run C) marginal cost pricing D) only a few firms in the industry
With which of the following countries does the United States have its largest goods and services deficit?
A. Canada. B. Germany. C. Japan. D. China.
The Exclusive Gift Company has a monopoly over the sale of gold hula hoops. This company is currently pricing and producing where marginal revenue is equal to marginal cost. It is selling 50 gold hula hoops at a price of $5,000 each. Total costs for the company are $300,000 of which fixed costs are $100,000. You are hired as an economic consultant to this company. You should advise this monopolist to
A. shut down in the short run and exit the industry in the long run. B. produce in the short run but exit the industry in the long run if conditions do not change. C. shut down in the short run but expand capacity in the long run if conditions do not change. D. produce in the short run and expand capacity in the long run.