An increase in the home country's income will result in a(n) ___ in the home country trade balance, and an increase in foreign income will result in a(n) ___ in the home country trade balance.
a. fall; fall
b. increase; increase
c. increase; fall
d. fall; increase
Ans: d. fall; increase
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Time on the Cross views slavery as a system in which
(a) the slaves were quite happy, good-hearted and content with their condition. (b) the plantations were efficient operations with incentive systems providing slaves with some rewards for productive behaviors. (c) the slaves, because of the oppression and brutal conditions they faced, had the same type of attitudes as did the inmates of Nazi concentration camps during World War II. (d) the prospects of escape or resistance were so poor that slaves made few revolts against slavery.
The typical marginal cost curve faced by monopolists is U-shaped, whereas the average cost curve is upward sloping
a. True b. False Indicate whether the statement is true or false
Figure 11-2
In Figure 11-2, at what quantity would the monopolist maximize profit?
a.
A
b.
B
c.
C
d.
D
It has been noted that when the price of a good increases, people purchase less of the good. This is an example of
A. irrational behavior. B. normative economic analysis. C. positive economic analysis. D. macroeconomic analysis.