The main advantage of ________ is the ability to move out beyond previous resource and production constraints.
A. trade barriers
B. export subsidies
C. absolute advantage
D. trade between two countries
Answer: D
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If the economy is in equilibrium at $1,000 billion national income and if the multiplier is 3 and intended investment is $400 billion, what happens to national income when intended investment decreases to $380 billion? It will
a. increase to $1,020 billion b. increase to $1,060 billion c. decrease to $980 billion d. decrease to $940 billion e. decrease to $970 billion
In a perfectly competitive equilibrium with production and trade, which of the following results occur(s)?
A) Pareto-efficiency is obtained. B) The First Welfare Theorem is satisfied. C) There is efficiency in production. D) All of the above.
At the Larson Bakery the marginal products of the first, second, and third sales clerks are 30, 27, and 21 customers served, respectively. The total product (number of customers served) of the three sales clerks is
A. 30. B. 57. C. 78. D. 109.
Higher marginal propensities to consume and invest will make the slope of the aggregate expenditure function steeper
Indicate whether the statement is true or false