Trade between nations usually means that
A. one country is richer than another.
B. one country becomes richer while the other becomes poorer.
C. both trading nations show some gains.
D. one trading country is trying to “beggar its neighbor.”
Answer: C
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Molly received an autographed poster of David Hasselhoff for her 21st birthday
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Industrial organization is the study of
a. how labor unions organize workers in industries. b. which managers are the most successful. c. how industries organize for political advantage. d. how firms' decisions regarding prices and quantities depend on the market conditions they face.
The budget deficit or surplus is:
A. well defined and straightforward to measure. B. difficult to measure and can be defined legitimately in several ways. C. so arbitrarily defined that it is meaningless. D. well defined but frequently distorted by creative but improper accounting practices.
If regulators impose marginal-cost pricing on a natural monopoly, a possible problem is that
a. the firm will lose money and exit the market. b. the firm will make excessive profits. c. consumers will buy more of the good than is efficient. d. consumers will buy less of the good than is efficient.