Which of the following best describes social benefits?
a. The external benefits to other members of society, ignoring the private benefits to market participants.
b. The sum of external benefits and private benefits.
c. External benefits minus benefits.
d. Private benefits minus external benefits.
b
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Firm A and B are producers in the same perfectly competitive industry. If Firm A earns a marginal revenue of $17,
a. it earns an average revenue less than $17 b. Firm B earns an average revenue of $17 c. Firm B will try to charge $16 per unit d. it earns an average revenue greater than $17 e. Firm B earns an average revenue greater than $17
One way fiscal policy affects aggregate demand is:
A. indirectly through government spending. B. directly through tariffs. C. directly through taxation. D. indirectly through taxation.
In recent decades, other countries have:
a. caught up to the U.S. in several important economic arenas b. surpassed the U.S. in several important economic arenas c. both of the above are true
Trade policies
a. affect a country's overall trade balance, but affect all firms and industries the same. b. affect a country's overall trade balance, but affect some firms or industries differently than others. c. do not affect a country's overall trade balance, but affect some firms or industries differently than others. d. do not affect either a country's overall trade balance or specific firms or industries.