The data show Argentina's GDP (using purchasing power parity) in billions of dollars
Year 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
GDP($) 182 209 235 255 277 274 294 324 340 333 338 330 300
Year 2003 2004 2005 2006
GDP($) 333 373 420 470
The data show that
A) Argentina's economy was in a recession from 2004 through 2006.
B) Argentina's economy was in a recession in 2001 and 2002.
C) GDP per person more than doubled between 1990 and 2006.
D) Argentina's economy reached a peak in 1996.
B
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Suppose the United States eliminates its tariff on ball bearings used in producing exports. Ball bearing prices in the United States would be expected to
A) increase, and the foreign demand for U.S. exports would increase. B) decrease, and the foreign demand for U.S. exports would increase. C) increase, and the foreign demand for U.S. exports would decrease. D) decrease, and the foreign demand for U.S. exports would decrease. E) decrease, and the foreign demand would be unchanged.
Assume a perfectly competitive firm is producing a level of output at which MR < MC. What should the firm do to maximize its profits?
A) The firm should do nothing — it wants to maximize the difference between MR and MC in order to maximize its profits. B) The firm should decrease output. C) The firm should increase price. D) The firm should increase output.
Market economy vs. command economy
What will be an ideal response?
Economic profit is
A) total revenue × (explicit costs - implicit costs). B) total revenue - (explicit costs - implicit costs). C) total revenue + (explicit costs + implicit costs). D) total revenue - (explicit costs + implicit costs).