The textbook defines any business with less than __________ in assets to be "small."
A) $100,000,000
B) $10,000,000
C) $1,000,000
D) $500,000
B
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The table below shows the consumption schedule for a hypothetical economy. All figures are in billions of dollars.RGDPConsumption$600$590610598620606630614640622650630660638If investments were fixed at $16, taxes were zero, government purchases of goods and services were zero, and net exports were zero, then equilibrium real GDP would be $630 initially. If government purchases were then raised from $0 to $10 and lump-sum taxes also increased from $0 to $10, other things constant, the equilibrium real GDP would become
A. $630. B. $650. C. $660. D. $640.
Which of the following is an example of a trade restriction?
A) Consumers prefer German beer to domestic beer. B) Japan places a tax on all Korean automobiles. C) Domestic wine is more expensive than wine imported from Chile. D) The United States, Canada, and Mexico sign the NAFTA agreement.
Holding supply constant, an increase in demand leads to
A) lower prices and higher quantity supplied. B) lower prices and lower quantity supplied. C) higher prices and higher quantity supplied. D) higher prices and lower quantity supplied.
Suppose the equilibrium price in a perfectly competitive industry is $10 and a firm in the industry charges $9 . Which of the following will happen?
a. The firm will not sell any output. b. The firm will sell less output than its competitors. c. The firm will make more profit than it could at the $10 price. d. The firm will make less profit than it could at the $10 price. e. The firm's revenue will increase and its costs may decrease.