The value of both exports and imports are added to the value of national product
a. True
b. False
Indicate whether the statement is true or false
False
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A macroeconomist compares the unemployment and job vacancy statistics for the previous year and notes that both unemployment and job vacancies have risen to high levels. What conclusion should she draw?
a. The problem will likely resolve itself as the unemployed workers fill the job vacancies. b. Businesses are likely having trouble finding workers with the right skill sets. c. The economy is growing at such an astounding rate, frictional unemployment is likely out of control. d. The economy is likely entering a recession as businesses are refusing to hire workers.
Suppose a monopoly concrete contractor builds 20 driveways per month for $10,000 each. In order to increase sales to 21 driveways, the contractor must lower the price of driveways to $9,500. The marginal revenue of the 21st driveway is
A. $500. B. -$500. C. $9,500. D. $199,500.
Low labor standards are usually associated with
A) nondemocratic governments. B) high-income countries. C) high-wage countries. D) low foreign investment.
When the addition to a monopolist's total profit is negative from selling another unit, then it follows that
A. MR > MC. B. MR > ATC. C. MR = MC. D. MR < MC.