Assuming that the United States is the domestic economy, ________ are goods and services produced by ________ and purchased by ________
A) exports; foreign countries; the United States
B) exports; the United States; the United States
C) imports; foreign countries; foreign countries
D) imports; foreign countries; the United States
Answer: D
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If we compare the Baby Boom generation of workers to the number of workers who came before and will come after them, we realize that, all other things equal, the Baby Boomer's labor:
A. supply will be relatively greater at any wage. B. supply will be relatively lower at any wage. C. demand will be relatively greater at any wage. D. demand will be relatively lower at any wage.
At a price for which the quantity supplied exceeds the quantity demanded, a __________ is experienced, which pushes the price __________ toward its equilibrium value
A) surplus; downward B) surplus; upward C) shortage; downward D) shortage; upward
If a perfectly competitive firm's total revenue is less than its total variable cost, the firm
A) should continue to produce and increase its demand. B) should stop production by shutting down temporarily. C) should raise its price above its average variable cost. D) should adopt new technology in order to lower its costs of production.
Using the above figure, which of the lines in the above diagram represents a regressive tax?
A) A B) B C) C D) none of them