Today, the share of international trade in U.S. GDP is
A) almost 0 percent.
B) about 10 percent.
C) close to 30 percent.
D) more than 99 percent.
C
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What are the steps involved in optimization in levels? If option A has a cost of $5 and provides a benefit of $8, and option B has a cost of $10 and provides a benefit of $15, which of the two projects is optimal?
What will be an ideal response?
Suppose you are managing a 100 room hotel that has 5 empty rooms for tonight. The cost of operating your 100 room hotel for a night is $10,000 and the average cost is $100 per room. If the marginal cost of operating one room for one night is $30 and a customer is willing to pay $50 for the night, you should a. rent the room because the marginal benefit exceeds the marginal cost
b. rent the room because the marginal benefit exceeds the average cost. c. not rent the room because the marginal benefit is less than the marginal cost. d. not rent the room because the marginal benefit is less than the average cost.
When a Country A's overall balance is positive:
a. The Overall balance cannot be positive. It must be zero. b. Country A's central bank is buying the domestic currency in the foreign exchange market. c. Country A's central bank is buying foreign currencies in the foreign exchange market. d. Country A is losing reserve assets.
Senator Brown wants to increase taxes on people with high incomes and use the money to help the poor. Senator Johnson argues that such a tax will discourage successful people from working and will therefore make society worse off. An economist would say that
a. we should agree with Senator Brown. b. we should agree with Senator Johnson. c. a good decision requires that we recognize both viewpoints. d. there are no tradeoffs between equity and efficiency.