Trade surplus is the excess of exports over ________
A) capital outflows B) factor payments C) transfers D) imports
D
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Assuming that firms do not collude, compare the market outcome under oligopoly with the outcome under perfect competition
What will be an ideal response?
State and local governments were smaller than the federal government in 1900
a. True b. False
The tax on Social Security is statutorily paid _____
a. by individuals b. by employers c. two-thirds by individuals and one-third by employers d. half by individuals and half by employers
Sheila and Jim live in an island where they are the only two workers. Sheila can either catch 10 fish or gather 40 pounds of berries each day, and Jim can either catch 8 fish or gather 24 pounds of berries each day. Both of them work 200 days per year. At current world prices 1 fish trades for 3.5 pounds of berries. In a closed economy, if the citizens of this island consume 1,200 fish per year, how many pounds of berries can they consume?
A. 12,800 pounds B. 4,800 pounds C. 9,200 pounds D. 8,000 pounds