The trade-to-GDP ratio for the United States reached its lowest point of the last 100 years
A) around 1970.
B) around World War II.
C) around World War I.
D) around 2008.
B
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Economists are skeptical about the degree to which predatory pricing is used because
a. "price wars" are rarely observed in actual markets. b. when used as a warning to potential rivals, predation has minimal value. c. buy-outs are less costly than predation and have no offsetting disadvantages. d. firms can easily counter predation by "laying low" or borrowing funds.
To achieve long-run equilibrium in an economy with a recessionary gap, without the use of stabilization policy, the inflation rate must:
A. not change. B. increase. C. decrease. D. either increase or decrease depending on the relative shifts of AD and AS.
On a traditional supply and demand diagram,
A. price is measured along the horizontal axis and quantity along the vertical axis. B. price is measured along the vertical axis and quantity along the horizontal axis. C. quantity demanded is measured along the horizontal axis, quantity supplied is measured along the vertical axis, and price is indicated on the contour lines. D. quantity is measured along both axes and price is indicated on the contour lines.
A nation's consumption possibilities frontier is
a. always the same as its production possibilities frontier b. never the same as its production possibilities frontier c. the same as its production possibilities frontier only if there is advantageous trade d. the same as its production possibilities frontier only if there is no international trade e. usually lower than its production possibilities frontier