Total revenue divided by output = ___________.
Fill in the blank(s) with the appropriate word(s).
price
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If there are only two goods in the economy, one whose price rises by 8 percent and one by 10 percent, it is possible that inflation is:
A. 2 percent. B. 9 percent. C. 10 percent. D. 8 percent.
In a world of scarcity, there has to be some way to ration the available resources. According to economists, the most efficient use of available resources occurs when rationing occurs via
A) queuing. B) lotteries. C) political power. D) the price system.
Which of the following is NOT one of the common explanations given for the U.S. trade deficit?
A. Other countries subsidize their exports. B. The U.S. government has a large budget deficit. C. The United States is a wealthy, stable country, making it attractive for loans from other countries. D. U.S. income tax rates are high compared to those in other countries.
The root cause of our selling off piece after piece of our country can be traced to
A. our low interest rates. B. our high tax rates. C. our large trade deficits. D. our low cost of living.