In Econland exports equal 25% of total output, while imports equal 20% of total output. Econland has:
A. a trade surplus
B. a budget deficit.
C. a budget surplus.
D. a trade deficit.
Answer: A
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A tax
A) places a wedge between the price paid by the buyers and the price received by the sellers. B) reduces consumer surplus and producer surplus. C) decreases government spending. D) Both answers A and B are correct. E) None of the above answers is correct.
In a perfectly competitive market, a permanent decrease in demand initially brings a lower price, economic
A) loss, and entry into the market. B) loss, and exit from the market. C) profit, and entry into the market. D) profit, and exit from the market.
The manner in which one oligopolist reacts to a change in price, output, or quantity on the part of another oligopolist in the industry is known as
A) a positive-sum game. B) the reaction function. C) a noncooperative game. D) a zero-sum game.
Households make their savings available to borrowers through
a. resource markets b. the loanable funds market c. the labor market d. the taxes e. spending