Which year marked a major turning point in the history of the U.S. balance of trade?
a. 1960
b. 1965
c. 1995
d. 1975
e. 2000
D
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The demand curve facing Company ABC is perfectly elastic. What is its marginal revenue?
A. Equal to the average revenue B. Less than the price C. Higher than the price D. Higher than the average revenue
What matters most in determining the efficient distribution of production over the world is a. absolute advantage
b. efficiency. c. the stock of resources. d. comparative advantage.
Supply-side economics would include such policies as
A. open-market operations in which the Fed sold its supply of bonds. B. raising government spending to stimulate the multiplier effect. C. cutting marginal income tax rates. D. erecting tariff barriers to protect American jobs.
A reduction in the market price of the product is most likely to be required to enable
A. Apple to sell more of its iPhones. B. a single Midwestern grain farmer to sell a larger harvest of grain. C. a single Northwestern logging company to sell a larger quantity of timber. D. a single Pacific Coast fishing trawler to sell a larger quantity of tuna.