Refer to the figure above. Which of the following statements is correct?
A) After the economy is open to free trade, it will export 6 pens.
B) After the economy is open to free trade, it will import 6 pens.
C) After the economy is open to free trade, it will export 10 pens.
D) After the economy is open to free trade, it will import 10 pens.
D
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In the wake of the Reagan "supply-side" tax cuts of the early 1980s, growth in the labor-force participation rate ________ and the personal saving rate ________
A) increased, rose B) increased, fell C) decreased, rose D) decreased, fell
Translating the preferences of each individual into the preferences of the group is _____
a. a challenge faced only by clubs b. a challenge faced by all collective decision making organizations c. inherent in all decision making d. a challenge faced only by government
Firm X is producing 1000 units, selling them at $15 each. Variable costs are $3 per unit and the firm is making an accounting profit of $3000 . What is the firm's total costs?
a. $10,000 b. $11,000 c. $12,000 d. $13,000
The CPI is more commonly used as a gauge of inflation than the GDP deflator is because
a. the CPI is easier to measure. b. the CPI is calculated more often than the GDP deflator is. c. the CPI better reflects the goods and services bought by consumers. d. the GDP deflator cannot be used to gauge inflation.