An economy that trades with the rest of the world is a(n) ________.
A. command economy
B. closed economy
C. open economy
D. trade economy
Answer: C
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If the price of a good in a closed economy is greater than the world price, then if the country opens its markets to world trade the country will be a ________ of that good.
A. net exporter B. producer C. importer and exporter D. net importer
In the long run, what determines the value of money?
A) real GDP B) money market equilibrium C) the government budget balance D) international trade E) equilibrium in the loanable funds market
A total-cost curve shows the relationship between the
a. quantity of an input used and the total cost of production. b. quantity of output produced and the total cost of production. c. total cost of production and profit. d. total cost of production and total revenue.
The question of how a tax change might impact U.S. economic output is most closely associated with the study of
A) microeconomics. B) managerial economics. C) macroeconomics. D) consumer economics.