The table above has the domestic demand and domestic supply schedules for a good. If the world price of the good is $10 and international trade occurs, then according to the table
A) domestic production is higher before trade than after trade.
B) the country imports 16 units a day.
C) the country imports 6 units a day.
D) the country exports 6 units a day.
E) the country exports 22 units a day.
D
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The historical record for the United States over the last 100 years shows
A) mostly positive economic growth, though the Great Depression caused actual GDP to dip well below potential GDP. B) economic growth for about half the years and economic decline for the other half. C) growth until 1970 and then a period of constant per person real GDP. D) continuous economic growth for each year, although at different rates, throughout the entire century.
What does diminishing marginal product imply?
a. The marginal product of an extra worker is greater than the previous worker's marginal product. b. The marginal product of an extra worker is less than the previous worker's marginal product. c. The marginal cost of an extra worker is unchanged. d. The marginal cost of an extra worker is less than the previous worker's marginal cost.
Over long periods of time, the growth rates of actual and potential GDP have been
A. diverging. B. similar. C. declining together. D. usually far apart.
Keynesian economists generally agree that unemployment is more costly than inflation.
Answer the following statement true (T) or false (F)