Under the gold standard, balance of trade deficits (or surpluses) were __________.
Fill in the blank(s) with the appropriate word(s).
automatically eliminated
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A firm that has negative economic profits has accounting profits that are
A) zero. B) positive. C) negative. D) indeterminate without more information.
In the aggregate demand-aggregate supply model, the short-run effects of an unanticipated decrease in the money supply will be
What will be an ideal response?
If the quantity demanded of a good is greater than the quantity supplied of the good at the current price, then
A. The demand curve will shift to the left to create equilibrium. B. The supply curve will shift to the right to create equilibrium. C. There is a surplus of the good. D. Price will increase until it reaches the equilibrium price.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, as the economy moves from Point B to Point D, the opportunity cost of motorcycles, measured in terms of hybrid cars,
A. increases B. remains constant. C. initially increases, then decreases. D. decreases.