If Mexico has a exports of 40 billion pesos and imports of 50 billion pesos, it is running a trade surplus.
Answer the following statement true (T) or false (F)
False
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In comparing accounting profit with economic profit, we generally find that
A) accounting profit is less than economic profit. B) economic profit and accounting profit are the same in the short run. C) accounting profit is greater than or equal to economic profit. D) economic profit exceeds accounting profit by the amount of opportunity costs.
The marginal utility gained from the consumption of successive units of a typical good:
A. tends to decrease. B. tends to increase. C. may increase or decrease depending on the cost of the good. D. tends to stay the same.
Consumption:
A. is negatively related to the national price level. B. is a major component of aggregate demand. C. measures people's expenditures on real goods and services. D. All of these are true.
The use of trade barriers to enforce standards abroad raises all of the following concerns EXCEPT
A) the potential deadweight losses in consumption and production at home. B) the potential for the use of trade barriers to erupt into a bigger trade war. C) the difficulty of knowing whether some of the concerns are over standards or are veiled protectionism. D) only small countries may be able to use trade barriers effectively.