A country sells more goods and services to foreign countries than it buys from them. It has
a. a trade surplus and positive net exports.
b. a trade surplus and negative net exports.
c. a trade deficit and positive net exports.
d. a trade deficit and negative net exports.
a
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Which of the following products would most closely fit the competitive price-taker model?
a. stereo systems-there are many reputable brands. b. beer-it has many consumers. c. eggs-there are many producers of this relatively homogeneous product. d. automobiles-there are substantial economies of scale in production.
Karl Marx
A. believed that the state would eventually "wither away." B. Believed that the factory owner, by paying his workers meager wages, was able to use this surplus to buy more capital goods. C. Said whoever controlled a society's capital controlled that society. D. All of the statements about Karl Marx are true.
The market value of all final goods and services produced in the economy in a given year is:
(a) Consumer price index. (b) Circular flow of income. (c) Personal income. (d) Gross domestic product.
The reason pollution occurs is because people tend to
A. Maximize their personal welfare, balancing social benefits against social costs. B. Maximize their personal welfare, balancing private benefits against private costs. C. Maximize society's welfare, balancing private benefits against private costs. D. Consider the impact of their activities on society first.