Which of the following statements accurately describes the U.S. balance of trade on goods and services?
a. The United States experienced a trade deficit during most years between 1965 and 2017.
b. The United States experienced a trade surplus during most years between 1965 and 2017.
c. The U.S. balance of trade on goods and services was a positive value each year during the 1980s.
d. The U.S. balance of trade on goods and services was a positive value each year during the 1990s.
a. The United States experienced a trade deficit during most years between 1965 and 2017.
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Economic growth can be depicted as
A) an outward shift on the production possibilities curve. B) a movement up on the production possibilities curve. C) a movement down on the production possibilities curve. D) an inward shift on the production possibilities curve.
Suppose a competitive firm's total revenue is $1,000,000 where MR = MC, its explicit variable costs are $900,000, its fixed costs are $90,000 of which $60,000 are sunk in the short run
If its implicit opportunity costs are $50,000, the firm should A) produce because its economic profit is positive. B) produce because its economic profit is zero. C) produce even though its economic profit is negative. D) shut down.
A monopolist maximizes total revenue at the quantity where marginal revenue equals zero
a. True b. False
In contrast to the typical Republican Party laissez-faire policies, President Richard Nixon in 1971 introduced
A. mandatory drug testing of cabinet officers. B. monetary targets for the Federal Reserve Board. C. wage and price controls. D. mandatory gold purchases by the U.S. Treasury.