The United States has a trade deficit when U.S.:
A. Imports are greater than U.S. exports
B. Exports are greater than U.S. imports
C. Exports and U.S. imports are greater than 10 percent of GDP
D. Exports and U.S. imports are less than 10 percent of GDP
A. Imports are greater than U.S. exports
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The above figures show the market for HD televisions. If cable television providers lower the price of providing HD cable service, which figure shows the effect of this change?
A) Figure A B) Figure B C) Figure C D) Figure D E) None of the figures represent this change.
The long-run average cost curve shows
A) the average cost of producing where diminishing returns are not present. B) the plant size or scale that the firm should build. C) the lowest average cost of producing every level of output in the long run. D) where the most profitable level of output occurs.
The standard of living rises at a slower pace than labor productivity if
A) n = q. B) n < q. C) n > q. D) The standard of living is not affected by the relative size of n and q.
A monopolist sells to two consumer groups, students and non-students
Demand for students: Q = 500 - 1/2P Demand for non-students: Q = 750 - 2P MC = 20 Find the profit-maximizing price/quantity combination in each market if the groups can be separated.