The value of a country's exports during a particular year was $120,000 and the value of its imports was $85,000. Which of the following is true?
A) The country ran a fiscal deficit of $205,000 during that year.
B) The country ran a trade surplus of $35,000 during that year.
C) The country ran a budget surplus of $205,000 during that year.
D) The country ran a trade deficit of $35,000 during that year.
B
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If the central bank of Orangeland pursues an expansionary monetary policy, ________
A) its labor supply will fall B) the price level in Orangeland will fall C) the demand for labor in the economy will increase D) the interest rate in Orangeland will rise
As part of the "exchange rate channel of monetary policy," a higher money supply causes a __________ interest rate and thus __________ of the domestic currency
A) higher; appreciation B) higher; depreciation C) lower; appreciation D) lower; depreciation
What is the opportunity cost of 1 ton of apples for the nations of Argentina and Brazil, respectively?
A. 4 tons of oranges and 2 tons of oranges
B. 2.5 tons of oranges and .4 tons of oranges
C. .25 tons of oranges and .5 tons of oranges
D. 2 tons of oranges and 4 tons of oranges
Which of the following statements is true?
A) As output increases, average fixed cost becomes smaller and smaller. B) Average fixed cost does not change as output increases. C) The marginal cost curve intersects the average fixed cost curve at its minimum point. D) When marginal cost is greater than average fixed cost, average fixed cost increases.