Which of the following would favor a trade surplus?
A. A musician selling a copyright.
B. The government attempting to sell bonds.
C. An importer of automobiles
D. Someone buying stocks.
Answer: D
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Suppose an oligopoly consists of two firms. Firm A lowers price and Firm B responds by lowering its price by the same amount. If average costs and industry output remain the same, which of the following will occur?
A) The profits of the two firms will increase. B) The profits of the two firms will decrease. C) The profits of the two firms will remain the same. D) Barriers to entry will come tumbling down and new firms will enter.
Since 1929, the distribution of money income in the United States has
A) become slightly more unequal. B) not dramatically changed. C) become more equal. D) shifted toward the poorer 20 percent away from the richer 20 percent.
Which of following is not an important category of bias in human decision making?
A. Temptation. B. Limited processing power. C. Reluctance to change. D. Single-mindedness.
Consumer surplus is the area on the graph
a. above the supply curve and below the demand curve. b. below the demand curve and above the market price. c. that represents the gains that producers receive when they sell a product. d. that reflect the opportunity cost of producing the a good.