A "trade deficit" occurs when:
A. we sell more to other countries than we buy from them.
B. we buy more from other countries than we sell to them.
C. we sell more to one country than another.
D. we sell less to one country than another.
Answer: B
You might also like to view...
A gas station opened up on the highway in a patch where there are no gas stations close by. It is more likely to be able to set higher prices because
a. the demand for its product is more inelastic due to an unavailability of substitutes b. the demand for its product is more elastic due to an unavailability of substitutes c. the demand for its product is more inelastic due to an availability of substitutes d. the demand for its product is more elastic due to an availability of substitutes
If total income in Sweden remains the same but the wage share of income rises, the Swedish AD curve will most likely:
A. shift to the left. B. become steeper. C. become flatter. D. shift to the right.
If a firm hires 200 workers and produces 5,000 computers. If the firm hires one more worker, it produces 5,050 computers. If computers sell at a constant price of $100 and labor is hired at a constant wage rate of $4,000 per worker
A) the firm should hire and retain the additional worker. B) the marginal factor cost of labor is $4,000. C) the marginal revenue product of the added worker is $5,000. D) all of the above.
A higher price for a good implies that
A) the marginal utility of the good has declined. B) the total value of the good to the consumer has increased. C) the sacrifice of utility of another good has increased. D) the marginal utility of another good has decreased.