Which of the following would help eliminate the trade deficit?
A. Reduced reservation wages
B. Lower tariffs
C. Expansionary fiscal policy
D. A rise in the exchange rate
Answer: A
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In effect, tariffs on imports are
A. subsidies for foreign producers. B. subsidies for domestic producers. C. subsidies for domestic consumers. D. special taxes on domestic producers.
The demand for a monopoly's output is p = 100 - Q. The firm's production function is Q = 2L. Which of the following is the firm's demand for labor?
A) w = 200 - 8L B) w = 200 - 4L C) w = 100 - L D) w = 2L
The national debt
a. is currently greater than the annual federal deficit b. is reduced by the revenue generated from the federal deficit c. decreases as the deficit is reduced d. is a flow variable e. varies depending on developments in the stock market
Explicit costs are
A. the opportunity costs of all resources used by the firm. B. all costs associated with the short run. C. actual expenditures that a firm must make. D. the costs associated with the resources that the firm owns.