Which of the following would be cures for the U.S. trade deficit?
a. Americans saving less and spending more
b. a severe recession in Europe and Asia
c. a severe recession in the United States
d. a tax cut
e. All of the above are correct.
c
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Relative to a situation where only a single price is charged, a seller that engages in price discrimination will
a. charge consumers with an inelastic demand a lower price. b. charge consumers with an elastic demand a higher price. c. generally produce a larger total output. d. decrease social welfare and make all consumers worse off.
Changes to the ______ lead to shifts in the demand curve.
a. determinants of demand b. price of the good being studied c. quantity demanded d. supply of the good being studied
Creative destruction is:
A. the process by which large firms buy up small firms. B. the process by which new firms and new products replace existing dominant firms and products. C. a term coined many years ago by Adam Smith. D. applicable to planned economies but not to market economies.
If the exchange rate changes so that more Swiss francs are required to buy a dollar, then
A. the franc has appreciated in value. B. Americans will buy more Swiss goods and services. C. more American goods and services will be demanded by the Swiss. D. the dollar has depreciated in value.