Over a given period of time, if imports are greater than exports, the result is
A. A trade deficit.
B. An embargo.
C. A trade surplus.
D. A trade war.
Answer: A
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The government is likely to block a merger if:
A. the firms remaining would all earn economic profit. B. it can be established that the merger would substantially reduce competition. C. the firms remaining would be able to charge a price above marginal cost. D. the firms that are merging are producing different products.
The price elasticity of demand for a monopolist's product depends on
A) the number and similarity of substitutes. B) the ATC of the item it produces. C) the AVC of the item it produces. D) the MC of the item it produces.
Suppose there is an increase in profitability. This suggests that
A) firms have increased their expectations of future profits. B) the real interest rate has increased. C) the rate of depreciation has increased. D) all of the above
The income elasticity of demand for food is roughly 1. A consumer's monthly income is $2,000, of which 20 percent is spent on food. If the income of this consumer doubles, the amount she'll spend on food will be:
A. $400 per month B. $500 per month C. $800 per month D. $1000 per month