Our merchandise balance of trade has been negative since the
A. 1960s.
B. 1970s.
C. 1980s.
D. 1990s.
B. 1970s.
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A (very, very small) country produces milk and shirts and its production possibilities frontier is in the table above. The nation is currently producing at point B
What is the opportunity cost of two additional gallons of milk? At point C? At point D? What do your results show?
Those who favor active policy making argue that all of the following exist EXCEPT
A) perfectly flexible wages and prices. B) inflation and unemployment are stable in the short run and predictable in the long run. C) pure competition is not typical. D) aggregate demand shocks can influence real GDP and unemployment.
The definition of cross elasticity of demand for two products X and Y is
a. percentage change in quantity of X demanded/percentage change in quantity of Y demanded. b. percentage change in price of Y/percentage change in quantity of X demanded. c. percentage change in price of Y/percentage change in price of X. d. percentage change in quantity of X demanded/percentage change in price of Y.
Price discrimination adds to social welfare in the form of (i) increased total surplus. (ii) reduced costs of production. (iii) increased consumer surplus
a. (i) only b. (i) and (ii) only c. (i) and (iii) only d. (i), (ii), and (iii)