How much of the U.S. federal budget is spent on foreign aid?
a. About 1 percent. b. About 5 percent.
c. About 25 percent. d. About 50 percent.
a
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A tariff is
A. a tax imposed on imports. B. a subsidy granted to imports. C. a tax imposed on exports. D. any non?subsidy used to increase trade. E. any non?tax action used to restrict trade.
The output produced by the single-price, unregulated monopoly in the above figure is
A) efficient because profit is maximized. B) inefficient because less than the efficient quantity is produced. C) efficient because marginal costs equals marginal revenue. D) inefficient because more than the efficient quantity is produced.
If the expansion of output in an industry leads to unchanged resource prices, the industry is most likely to be a(n):
a. decreasing cost industry. b. increasing cost industry. c. constant cost industry. d. industry characterized by economies of scale.
Suppose the economy is suffering in a recessionary period. Firms are facing increasing inventories and individual consumers are increasing their saving to prepare for hard times ahead. What is likely to happen to the economy and can it correct itself and grow toward full employment in the short run?
What will be an ideal response?