Which of the following is an example of a country that had trade deficits during much of the 1970s, but also had high rates of investment in physical plant and equipment, and its economy grew rapidly. From the mid-1980s into the mid-1990s, this country often had trade surpluses—that is, it was repaying its past borrowing by sending capital abroad.
a. Japan
b. Mexico
c. Russia
d. South Korea
d. South Korea
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A tax increase
A) decreases aggregate demand and the AD curve shifts leftward. B) increases aggregate demand and the AD curve shifts rightward. C) decreases the quantity of real GDP demanded and there is a movement up along the AD curve. D) increases the quantity of real GDP demanded and there is a movement down along the AD curve. E) does not shift or lead to a movement along the aggregate demand curve.
When the marginal cost curve lies below the average cost curve, ________
A) the marginal cost curve is vertical B) the marginal cost curve is horizontal C) the average cost curve slopes downward D) the average cost curve slopes upward
In the short run, a perfectly competitive firm might
A) set its price above marginal cost. B) set its price above marginal revenue. C) adjust the size of its fixed inputs. D) operate even though it is incurring an economic loss.
If the dollar value of paper produced and the total wages paid to labor both rise, value added in the paper industry could be unaltered
Indicate whether the statement is true or false