What are exports, and how are they different from imports?
Exports are domestically produced goods that are bought by foreigners; imports differ because they are produced abroad and are purchased by domestic residents.
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In the one-input model, a decrease in output price will always cause labor demand to shift in.
Answer the following statement true (T) or false (F)
Monetary policy can be most accurately described as
a. the use of government taxation and expenditures to achieve macroeconomic goals. b. the use of the government's regulatory powers to improve economic efficiency. c. the government provision of goods to improve economic efficiency. d. the deliberate control of the money supply to achieve macroeconomic goals.
When there are positive externalities in the consumption of a good:
a. marginal social benefit exceeds marginal private benefit. b. the marginal social benefit curve lies below the private market demand curve. c. the socially optimal level of output exceeds the private market equilibrium quantity. d. public policy aims to lower the level of output below the private optimum.
From 1935 to 1950, inequality of money income was ______.
a. holding steady b. rising c. dropping d. worse than today