Kandace is interested in a house that fits most of her needs, but it is located in a busy area where she is not sure she wants to live. Her concern about the property's location is called
A) physical deterioration.
B) area preference.
C) permanence of investment.
D) immobility.
Answer: B) area preference.
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A perfectly competitive firm definitely makes an economic profit in the short run if price is
A) equal to marginal cost. B) equal to average total cost. C) greater than average total cost. D) greater than marginal cost. E) greater than average variable cost.
Market economy vs. command economy
What will be an ideal response?
An adverse supply shock would cause
A. the short-run Phillips curve to shift downward and to the left. B. the short-run Phillips curve to shift upward and to the right. C. a movement down the short-run Phillips curve. D. a movement up the short-run Phillips curve.
Which of the following statements is true?
a. Real GDP is a positive function of net exports. b. In the 1980s, the United States experienced a large trade surplus with Japan. c. Positive net exports mean that the domestic country imports more than it exports. d. Total U.S. net exports with Western Europe are zero. e. U.S. net exports are negative because of large trade deficits with other industrial nations.