This spring break you are planning to leave the United States and visit London, where you will stay in a hotel for 10 days. The London hotel will be performing a(n) ________.
A) indirect merchandise export
B) merchandise export
C) service export
D) service import
C) service export
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The difference between the marginal social cost and the private cost of a common property resource represents:
A) the social discount rate. B) a deadweight loss. C) is generally negative because the people who use the resources assign higher value to them than other members of society. D) the opportunity cost of reducing the resource by one unit for other members of society.
If you save $2,500 for a down payment on a new car, you are using money as
A) a store of value. B) a unit of account. C) a medium of exchange. D) a standard of deferred payment.
If the Fed believes the economy is about to fall into recession, it should
A. Use an expansionary monetary policy to lower the interest rate and shift AD to the right B. Use an expansionary fiscal policy to increase the interest rate and shift AD to the right C. Use a contractionary monetary policy to lower the interest rate and shift AD to the right
If the firm is maximizing profits or minimizing losses, it is producing _____ units of output and charging a price of ______.
A. 50 units; $10
B. 50 units; $18.40
C. 60 units; $12
D. 60 units; $16.80