The balance of trade is
A) the difference between exports and imports of goods and services.
B) the difference between exports and imports of services.
C) the summary record of a country's economic transactions with foreigners in a year.
D) none of the above.
Answer: D
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The participation rate was higher in 2012 than in 1948 because
A) the labor force was larger in 2012 than in 1948. B) the unemployment rate became less variable over time. C) of the Great Moderation D) the participation rate of women rose between 1948 to 2012.
An increase in the rate of interest, other things being equal, will cause a(n):
a. downward shift in the investment demand curve. b. movement downward along the investment demand curve. c. movement upward along the investment demand curve. d. upward shift in the investment demand curve.
If price is cut and demand is elastic, total revenue will rise because
A) the change in quantity demanded is greater than the percent change in price. B) the percent change in quantity demanded is greater than the change in price. C) the percent change in quantity demanded is greater than the percent change in price. D) customers can't find substitutes.
For a firm in a perfectly competitive industry
A. short-run economic profits must be zero. B. both short-run and long-run economic profits may be negative. C. short-run economic profits may be positive, but long-run economic profits must be zero. D. short-run and long-run economic profits must be zero.