A rise in the U.S. price level will cause:
A. both exports and imports to increase.
B. exports to decrease and imports to increase.
C. exports to increase and imports to decrease.
D. both exports and imports to decrease.
Answer: B
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Strategies and incentives:
A. work the same whether games are played once or repeated. B. often work quite differently when games are repeated. C. do not change when the game is repeated. D. None of these statements is true.
The demand curve for a monopolist is:
a. the demand curve for the industry. b. less than the market demand curve. c. below the marginal revenue curve. d. nonexistent. e. the sum of the demand curves of the perfectly competitive firms in the industry.
Intermediate goods and services are:
A. used only as inputs to produce something else and are not counted as separate items in GDP. B. goods that consumers buy in parts-like a new tire for their car-and are included as separate items in GDP. C. goods that consumers buy in parts-like a new tire for their car-and are not included as separate items in GDP. D. used only as inputs to produce something else and are counted as separate items in GDP.
If a firm raised its price and discovered that its total revenue fell, then the demand for its product is
A) perfectly inelastic. B) relatively inelastic. C) perfectly elastic. D) relatively elastic.