The United States can gain from international trade if
A. it imports goods for which it is a high-opportunity cost producer and exports those for which it is a low-opportunity cost producer.
B. the dollar appreciates in value.
C. the dollar is overvalued in the currency market.
A. it imports goods for which it is a high-opportunity cost producer and exports those for which it is a low-opportunity cost producer.
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Figure 3-15
Refer to . Which area represents producer surplus when the price is P2?
a.
BCE
b.
ACF
c.
ABED
d.
AFEB
Your economics professor has announced that he or she will assign final grades as follows: the top 20 percent of students will get an A, the bottom 20 percent of students will get an F, and everyone else will get a C. You would expect that, as the semester progresses, students who really care about getting an A will:
A. study less and less to maintain low standards. B. try to forget about the grading scheme. C. maintain a stable agreement to not study for exams. D. engage in a positional arms race, studying more and more.
Which of the following could cause a recession?
A. A decline in aggregate demand B. A decline in unemployment C. An increase in aggregate supply D. An increase in government spending
The slope of an indifference curve is equal to the ratio of the ____ of the good on the horizontal axis to the ____ of the good on the vertical axis.
A. marginal product; marginal product B. marginal utility; marginal utility C. price; price D. total utility; price