If the expected price level exceeds the actual price level in an economy, _____
Fill in the blank(s) with the appropriate word(s).
firms decrease production in the short run.
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Which of the following statements is true about revenue?
A) Revenue is calculated by dividing the price per unit by the number of units sold. B) The terms "revenue" and "profit" can be used interchangeably. C) A firm's revenue will increase as its costs increase. D) Revenue is the total amount received for selling a good or service.
During a year, the government of a country Orion imposed tariff on imported steel, arguing that imports had damaged the Orion steel industry. The government prohibited new investments in this industry and decided to phase out the tariff within the next eight years. This trade policy was based on the ________ argument in favor of trade protection
a. declining industries b. antidumping c. infant industry d. national defense
The quantities of Good M are plotted on the vertical axis while the quantities of Good N are plotted on the horizontal axis. The prices of both M and N fall. The intercepts of the budget line would
A) decline along both axes. B) rise on the vertical axis and also rise on the horizontal axis. C) rise on the horizontal axis but stay unchanged on the vertical axis. D) rise on the vertical axis but stay unchanged along the horizontal axis.
Short-run macroeconomic equilibrium occurs when the quantity of real GDP demanded ________
A) equals potential GDP B) equals full-employment GDP C) does not equal full-employment GDP D) equals the quantity of real GDP supplied