Which of the following generally becomes positive when the value of U.S. exports exceeds the value of U.S. imports?
A) capital and financial account
B) the balance of payments account
C) current account
D) the official settlements account
E) the exchange rate
C
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If a firm in a perfectly competitive market faces a market price of $8, and it decides to increase its production from 300 units to 550 units, the firm's total revenue will:
A. stay the same at $8. B. decrease from $4,400 to $2,400. C. increase from $2,400 to $4,400. D. likely rise, but it cannot be determined by how much.
Rolando realizes that whenever he studies for at least two hours immediately before a physics exam, he gets an A on the exam, but when he does not study immediately before an exam, he gets no higher than a C on the exam. He concludes that the time spent studying immediately before the exams is responsible for his improved grades. Rolando is
A. very probably correct in his conclusion that the time spent studying immediately before his exams is a reason for his improved grades. B. definitely confusing correlation with causation. C. probably misguided in that there is no apparent correlation or causation in this situation. D. likely correct that there is causation, but the causation is more likely running in the opposite direction in that the improved exam grades forced him to study immediately before each test.
How did production improvements like an assembly line help the production of Model T cars?
A. decreased the supply of Model T cars B. decreased the demand for Model T cars C. increased the demand for Model T cars D. increased the supply of Model T cars
The antebellum period was characterized by many changes in tariff rates. What best describes the effect of removing a tariff on foreign cotton textiles?
a. The total supply curve of textiles would shift back. b. The price of both foreign-made and domestic-made textiles would decrease. c. The price of foreign-made textiles would decrease and the price of domestic-made textiles would increase. d. The total (foreign and domestically produced. quantity of textiles purchased in the US would decrease. e. The real income of textile consumers would decrease.