Which of the following nations had the largest share of exports as a percentage of its GDP in 2012?
A. Italy
B. Japan
C. Belgium
D. The United States
C. Belgium
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Tommy's Teddy Bears incurs $300,000 per year in explicit costs and $50,000 in implicit costs. The shop earns $600,000 in revenues and has $1.1 million in net worth. Based on this information, what is accounting profit for Tommy's Teddy Bears?
A) $250,000 B) $300,000 C) $500,000 D) $1.35 million
In the short run, average variable costs are minimized when
A) MPL equals APL. B) APL is maximized. C) MPL is maximized and APL is increasing. D) Both A and B.
Give a brief definition of fiscal policy. What are its economic goals?
What will be an ideal response?
Time lags that often erode effectiveness of monetary and fiscal policy measures represent
A. the foreign response to price changes. B. delays in the response of the economy to stabilization policy. C. the change in export and import prices. D. the change in exchange rates.