When an expansionary gap exists, actual output ________ potential output and the rate of inflation will tend to ________.
A. is less than; decrease
B. is less than; increase
C. exceeds; increase
D. exceeds; decrease
Answer: C
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A(n) ________ is a tax on an imported good
A) export quota B) tariff C) voluntary export restraint D) import quota
All of the following practices increase a firm's profit by extracting more consumer surplus than can be obtained by simple monopoly pricing except which one?
A) commodity bundling B) all-or-nothing offers C) two-part pricing D) linear pricing
The change in total output when one more unit of a resource is employed is called
a. total revenue b. marginal revenue product c. marginal physical product d. quantity supplied e. wage rate
The total market value of capital assets in the United States is about $30 trillion dollars
a. True b. False Indicate whether the statement is true or false