A closed economy is one that
A. uses tariffs.
B. uses quotas to restrict trade.
C. uses exchange controls.
D. does not trade with other nations.
Answer: D
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Kelly graduates and her income increases by $25,000 a year. Other things remaining the same, she increases the quantity of clothes she buys. For Kelly, clothes are ________
A) an inferior good B) a normal good C) a substitute good D) a complement good
Refer to Figure 24-3. Suppose the economy is at point C. If government spending decreases in the economy, where will the eventual long-run equilibrium be?
A) A B) B C) C D) D
Corporations are responsible for approximately what percentage of total business revenues?
A) 19 percent B) 50 percent C) 72 percent D) 83 percent
A profit-maximizing firm will produce the level of output at which:
a. average revenue equals average cost. b. average revenue equals average variable cost. c. marginal revenue equals marginal cost. d. marginal cost equals average revenue. e. marginal revenue exceeds marginal cost by the maximum amount.