Use the following diagram to answer the next question.
Suppose the economy currently can be described by NX3. What can we conclude?
A. Both imports and exports are negative.
B. Exports are negative and imports are positive.
C. The value of exports exceeds the value of imports.
D. The value of imports exceeds the value of exports.
Answer: D
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New money is created in the U.S. economy by
A) increased federal government expenditures. B) banks that create checkable deposits. C) the U.S. Treasury. D) U.S. Department of Mint. E) the U.S. Congress.
If a pizza seller reduces its prices, the price cut will
A) have no effect on the demand for competing sellers' pizza. B) increase the seller's gross revenue. C) increase the seller's net revenue. D) shift the seller's demand curve if competing pizza sellers match the price decreases.
Refer to Figure 15-12. If this industry was organized as a perfectly competitive industry, the market output and market price would be
A) output = 83; price = $22. B) output = 62; price = $18. C) output = 62; price = $24. D) output = 104; price = $20.80.
Perfectly competitive markets feature relatively high barriers to entry
a. True b. False Indicate whether the statement is true or false