Recently we have run a _________ balance of trade on goods and a ___________ balance of trade on services.
Fill in the blank(s) with the appropriate word(s).
negative; positive
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Assume that an employer discovers that the marginal revenue product of the last two workers that he has hired is less than the wage rate that he is paying them
He is operating in a purely competitive market in both the output that he sells and the labor that he hires. What would you advise this employer to do and why?
Quantity supplied refers to the amount of a good or service that a firm is willing and able to supply at a given price
Indicate whether the statement is true or false
A price ceiling below the market clearing price results in I. excess quantity demand II. excess quantity supplied III. entry of new producers
A) I only B) II only C) III only D) Both I and III
Which of the following statements is true?
a. A sales tax on food is a regressive tax. b. The largest source of federal government tax revenue is individual income taxes. c. The largest source of state and local governments tax revenue is sales and excise taxes. d. All of the above are true. e. None of the above are true.