Which country received the most U.S. exports in 2015?
A. Canada
B. China
C. Mexico
D. Japan
Answer: A
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In a certain economy, the components of aggregate spending are given by: C = 500 + 0.8(Y - T) - 300rI = 200 - 400rG = 200NX = 10T = 150 Given the information about the economy above, what is the short-run equilibrium output if the real interest rate is 5 percent?
A. 3,775 B. 1,359 C. 944 D. 3,810
Recall the Application. Unlike the Euro-zone, the United States does not just have a single currency, but also has a ________ that provides transfers to areas in economic distress
A) single central bank B) unified fiscal system C) national trade agreement D) federally funded emergency account
A monopolist
A) can charge whatever price it wants because it is the only firm producing the good. B) can usually keep price equal to marginal revenue by lowering the price on the last unit sold only. C) faces a demand curve that is more elastic than the demand curve for the industry. D) is constrained in its pricing decisions by the demand curve it faces.
Economists refer to the ability of one person or nation to do something with a lower opportunity cost than another as _____
a. voluntary trade b. specialization c. gains from trade d. absolute advantage e. comparative advantage