Which of the following changes would cause American net exports to decrease?
A. An increase in foreign income
B. A decrease in American income
C. A shift in demand by American consumers away from domestically produced goods
D. A decrease in the real value of the dollar
Answer: C
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In monopolistic competition, each firm's marginal revenue curve lies ________ its demand curve because of ________
A) below; barriers to entry B) below; product differentiation C) above; barriers to entry D) above; product differentiation
Between 1860 and 1910, output in manufacturing, mining, and railroad freight hauling
a. expanded more rapidly than the labor force in these sectors. b. grew at about the same rate as the labor force in these sectors. c. grew more slowly than the labor force in these sectors. d. expanded, while the labor force in these sectors declined.
What do economists call something that encourages an action by increasing its benefits or reducing its costs?
b. a market externality a. a positive incentive c. a rational choice d. an economic good
Refer to the graphs. Assume that pizza is measured in slices and beer in pints. In which of the graphs is the opportunity cost of a pint of beer the lowest?
A. Graph A.
B. Graph B.
C. Graph C.
D. Graph D.