In 2016 the United States imported approximately ________ percent of all goods and services produced in the country.
A. 8
B. 3
C. 20
D. 15
Answer: D
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When foreign residents buy U.S. Treasury securities to finance the budget deficit
A) we can also anticipate a decrease in the trade deficit. B) the trade deficit will not be affected. C) we can also anticipate an increase in the trade deficit. D) the public debt will be reduced.
Consumers tend to accept the market restrictions imposed by suppliers because:
A. government prevents them from organizing. B. their costs of organizing are higher than the cost of the collusion by the suppliers. C. they see themselves as laborers and therefore benefit from restrictions. D. when combined, their losses are small for the group as a whole.
The following is NOT an example of a potential monitoring solution to moral hazard
a. blocking social network sites on company computers b. closed circuit TVs throughout a warehouse c. GPS tracking devices in repair trucks d. requiring physicians to be 'board certified'
When a natural monopoly exists in an industry, which statement will be true?
a. The per-unit costs of production will be lowest when there are numerous producers in the industry. b. The per-unit costs of production will be lower for the smaller firms than for the larger firms. c. The per-unit costs of production will be minimized at the output that maximizes the industry's profitability. d. The per-unit costs of production will be lowest when a single firm generates the entire output of the industry.