U.S. citizens and firms earn foreign exchange when they sell products to citizens and firms in other countries.
Answer the following statement true (T) or false (F)
True
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If a nation restricts imports, it will:
A. benefit each individual citizen in that nation. B. decrease the total value of goods and services produced in that nation. C. increase the total value of goods and services produced in that nation. D. harm each individual citizen in that nation.
Answer the next question on the basis of the following data faced by a perfectly competitive firm.OutputMarginal RevenueMarginal Cost0----1$16$102169316134161751621If the firm's minimum average variable cost is $10, the firm's profit-maximizing level of output would be
A. 2. B. 3. C. 4. D. 5.
________ can trigger an expansion
A) An increase in autonomous expenditure B) A decrease in induced expenditure C) Equality between aggregate expenditure and real GDP D) A downward shift of the AE line E) A decrease in autonomous expenditure
What is productive efficiency? Does it guarantee that markets are operating efficiently?