Regulatory trade restrictions:
A. are irrelevant since they are seldom used.
B. may be justified depending on the nature of the restriction.
C. are always justified.
D. are never justified.
Answer: B
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Capital stock will increase as long as
A) gross investment exceeds depreciation. B) capital deepening decreases. C) net investment equals zero. D) depreciation exceeds real GDP.
Suppose that net exports are -$300 billion and exports are $500 billion. Imports must be equal to
A) $800 billion. B) $400 billion. C) $200 billion. D) -$200 billion. E) There is not enough information to answer this question.
A monopsonist facing many suppliers of labor will employ:
A. fewer workers than a firm operating in a perfectly competitive labor market. B. an indeterminate number of workers. C. more workers than a firm operating in a perfectly competitive labor market. D. the same number of workers as a firm operating in a perfectly competitive labor market.
In September 2010, the NBER's Business Cycle Dating Committee decided that the recession that began in December of 2007 had ended and that the lowest point of production was July of 2009. The NBER does not use a popular definition of recession-two quarters of falling GDP-but looks at a variety of monthly statistics to date business cycles. In business cycle terminology, what does July 2009 mark?
A. The duration of the recession B. The peak of the cycle C. The trough of the cycle D. The depression of the cycle