If MR > MC for a competitive firm, it should raise its price and increase its level of output.
Answer the following statement true (T) or false (F)
False
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Free trade refers to the ability:
A) of the developing countries to make payments for imports of goods at the end of every year. B) to trade without hindrance or encouragement from the government. C) of the developed countries to set the world prices of most goods and services. D) of the developed countries to provide financial aid to the developing nations.
Which of the following macroeconomic variables is procyclical and leads the business cycle?
A) Business fixed investment B) Residential investment C) Nominal interest rates D) Unemployment
What is the relationship between federal deficits and debt?
a. Deficits are the difference between revenue and spending in one year. b. Deficits are the accumulation of past debt. c. Debt is the difference between revenue and spending in one year. d. Debt is the accumulation of past deficits.
An expenditure schedule shows the relationship between GDP and total output.
Answer the following statement true (T) or false (F)