Trade raises the economic well-being of a nation in the sense that
a. the gains of the winners exceed the losses of the losers.
b. everyone in an economy gains from trade.
c. since countries can choose what products to trade, they will pick those products that are most beneficial to society.
d. the nation joins the international community when it begins to engage in trade.
a
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The question "Should we produce LCD televisions or computer monitors?" is an example of a ________ question
A) how B) what C) why D) where E) for whom
For a monopoly, when marginal revenue is zero:
A. profits are maximized. B. total revenue is maximized. C. marginal revenue is minimized. D. marginal costs are minimized.
Escalators present in a contract must state:
a. at what interval the contract price should automatically change at a fixed rate. b. when the price will change and by what formula the new price will be calculated. c. when the contract should be terminated and how the cost of termination should be shared. d. when the contract should be renewed and the terms governing the renewal.
How does the multiplier for a change in government spending compare to the multiplier for a change in taxes?
a. It is smaller. b. It is the same. c. It is larger. d. It cannot be calculated.