Which statement is true?
A. Our merchandise trade deficit and our overall trade deficit are identical.
B. Our merchandise trade deficit is greater than our overall trade deficit.
C. Our overall trade deficit is greater than our merchandise trade deficit.
D. None of these statements are true.
B. Our merchandise trade deficit is greater than our overall trade deficit.
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Economies of scale exist when long-run average total costs ______.
a. fall as output expands b. rise as output expands c. are steady as output expands d. rise regardless of output
Figure 10-6
In the short-run equilibrium depicted in , the economy's output is
a.
equal to potential GDP.
b.
less than potential GDP.
c.
greater than potential GDP.
d.
equal to the economy's full-employment output.
A currency has depreciated when:
A. that currency buys less foreign goods than it did previously. B. that currency buys more foreign goods than it did previously. C. one unit of that currency buys more units of a foreign currency than it did previously. D. foreign goods become cheaper to holders of that currency.
When a tax is placed on buyers:
A. the resulting price paid by consumers is the same as if the tax were placed on sellers. B. the equilibrium quantity will unequivocally decrease. C. the resulting price received by sellers is the same as if the tax were placed on sellers. D. All of these are true.