Previously a creditor nation, in the 1980s the U.S. became a debtor nation
a. True
b. False
Indicate whether the statement is true or false
True
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The ________ is a theory of the balance of trade that emphasizes how domestic spending on domestic goods changes relative to domestic output
A) absorption approach B) monetary approach C) pass-through analysis D) elasticities approach
Table 7-6 Number of ovens 2 2 2 2 2 2 2 2 Labor hours used 1 2 3 4 5 6 7 8 Loaves of bread produced 20 34 55 70 82 91 94 92 Table 7-6 shows a baker’s daily production relationship for bread. Diminishing returns to labor begin when the baker goes from
A. one hour of labor to two hours of labor. B. three hours of labor to four hours of labor. C. six hours of labor to seven hours of labor. D. seven hours of labor to eight hours of labor.
Consider the supply of orange juice. If the price of orange juice rises, which of the following occurs?
a. Producers of orange juice are satisfied with their revenue and leave production unchanged. b. Producers of orange juice decrease the quantity of orange juice that they produce. c. Producers of orange juice go out of business, and the supply of orange juice shifts to the left. d. Producers of orange juice increase their production of orange juice.
A monopolistic competitor finds its profit-maximizing rate of output by
A) equating the marginal revenue from advertising with the marginal revenue from selling the good. B) setting average revenue equal to average total cost. C) equating marginal revenue and marginal cost. D) equating price and marginal revenue.