The effect of a government surplus on the equilibrium level of GDP is substantially the same as:
A. a decrease in imports.
B. an increase in saving.
C. an increase in consumption.
D. an increase in investment.
B. an increase in saving.
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If the market in the figure above changes from perfectly competitive to a profit-maximizing single-price monopoly, the amount of the gain in producer surplus is the area ________
A) ABH B) BFGH C) ACG D) BDEH E) ACE
A devaluation of the home currency
A) makes foreign goods and services cheaper relative to those sold at home. B) makes domestic goods and services more expensive relative to those sold abroad. C) decreases demand and output. D) increases demand for domestic goods and services. E) increases output and makes domestic goods and services cheaper relative to those sold abroad.
Economists include both explicit and implicit costs while accountants include only implicit costs
a. True b. False Indicate whether the statement is true or false
Unlike the GATT system, in the WTO dispute settlement process, the findings of the panel
a. are only recommendations that are not legally enforceable. b. can be overturned only by a unanimous vote. c. can be rejected by the accused party. d. can be vetoed by a single vote.