If net exports is negative, it must be the case that ________.
A. more goods are being exported than imported
B. the value of goods, services, and resources exported is less than the value imported
C. more goods are being imported than exported
D. the value of goods, services, and resources imported is less than the value exported
Answer: B
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If one producer has control over an entire market and underproduces, the producer will
A) increase producer surplus by lowering pollution costs. B) increase consumer surplus by lowering producer surplus. C) increase both consumer and producer surplus. D) create a deadweight loss. E) decrease the deadweight loss that would exist if the market were efficient.
An example of a question that might be explored in microeconomics is to determine
A) the number of workers employed by Intel. B) savings by the household sector. C) why the U.S. economy has grown more rapidly than the Japanese economy. D) the total employment within the U.S. economy.
Economies of scope exist when
A) the total cost of production falls as the output increases. B) a firm hires specialized resources to produce a range of goods and services. C) a firm uses outsourcing to produce a good or service. D) the cost of producing a unit of a good falls as its output increases.
Voluntary organizations that work with and on behalf of mostly local grassroots organizations in developing countries are termed
(a) international organizations. (b) nongovernmental organizations. (c) multilateral institutions. (d) equity organizations. (e) none of the above.