The distinction between real and nominal rates of interest is understood by
a. most public policy makers.
b. the majority of the American population.
c. a majority of legislators.
d. relatively few Americans.
d
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Suppose potatoes were produced in Canada by many, many firms in perfect competition. In Belgium, only one firm produces potatoes for the Belgium market. Suppose as well that for the competitive firms and the monopoly, minimum ATC is the same. We would expect then, that in Belgium the price of potatoes is _____________ and ____________ potatoes are produced and sold than in Canada
a. higher; more b. lower; more c. higher; fewer d. lower; fewer e. the same; fewer
Over the past two decades, the United States has
A. generally had, or been very near to a trade balance. B. had trade deficits in about as many years as it has trade surpluses. C. persistently had a trade deficit. D. persistently had a trade surplus.
When there is an increase in the duration of unemployment, the U.S. Congress typically responds by
A) lowering income taxes. B) extending unemployment benefits. C) encouraging unemployed U.S. workers to seek employment overseas. D) redefining "unemployed" so the unemployment rate does not look so bad.
Refer to the following table which gives the demand and cost data for a price-setting firm:
A. $104 B. $107 C. $106 D. $105 E. $108