The value of exports minus the value of imports in a period is called the:
A. trade balance.
B. trade gap.
C. international equilibrium.
D. budget balance.
Answer: A
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Which of the following is a capital resource?
A. a computer programmer B. silicon (sand) used to make computer chips C. a corporate bond issued by a computer manufacturer D. a piece of software used by a firm
Consumer surplus occurs whenever the consumer pays a price
a. equal to marginal revenue. b. less than the consumer is willing to pay. c. less than marginal cost. d. equal to or less than average total cost.
Given a required reserve ratio of 0.25, what is the maximum amount by which the money supply can increase in response to a $200 million increase in excess reserves for the whole banking system?
A. $800 million. B. $200 million. C. $500 million. D. $250 million.
In monopolistically competitive markets, free entry and exit suggests that
a. the market structure will eventually be characterized by perfect competition in the long run. b. all firms earn zero economic profits in the long run. c. some firms will be able to earn economic profits in the long run. d. some firms will be forced to incur economic losses in the long run.