The U.S.'s high trade deficit must be balanced by:
A. net capital inflows.
B. high net capital outflows.
C. low net capital outflows.
D. None of these statements is true.
A. net capital inflows.
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What is the chain-weighted price index for GDP in the base year?
A) 0 B) 1 C) 100 D) The answer depends on the price index for the current year.
Economics is best defined as the science of choice and how people cope with
A) differences in wants. B) differences in needs. C) scarcity. D) different economic systems.
Which of the following statements is TRUE?
A) At the monopolist's equilibrium, resources are being efficiently allocated. B) With a monopoly, the value to society of the last unit produced is less than it's production cost. C) Monopolists raise the price and restrict production, compared to a competitive situation. D) A monopolist always produces a higher level of output than would be produced if the market were competitive.
Suppose Larry's Lariats produced 25,000 lassos and sold each for $10. What was the total revenue for the company?
A. $250,000 B. $25,000 C. $2,500 D. $2,500,000