The largest volume of trade in the world occurs between the United States and
a. Russia
b. Japan
c. Mexico
d. Canada
e. Britain
D
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In a competitive market when there is no deadweight loss
A) consumer surplus is minimized. B) producer surplus is minimized. C) consumer surplus plus producer surplus is maximized. D) consumer surplus plus producer surplus is minimized.
The trough of a business cycle occurs when ________ hits its lowest point
A) inflation B) the money supply C) aggregate economic activity D) the unemployment rate
Suppose that price is below the minimum average total cost (ATC) but above the minimum average variable cost (AVC) and that the market price is expected to rise at least to ATC in the near future. In the short run, a firm that is a price taker would
a. immediately shut down and get out of the industry. b. continue to produce a quantity such that marginal revenue equals marginal cost. c. shut down temporarily, in hopes of restarting in the near future. d. cut price and expand output in hopes of achieving economies of scale
If the United States is a net importer of bananas, free trade will benefit the
A. rich citizens of the Unite States. B. poor citizens of the United States. C. domestic banana consumers. D. domestic banana producers.