In 2015, exports represented:
A. about 30 percent of U.S. GDP.
B. about 1 percent of U.S. GDP.
C. about 13 percent of U.S. GDP.
D. nearly 20 percent of U.S. GDP.
Answer: C
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A current account surplus
A) poses a problem if domestic savings are being invested more profitably abroad than they would be at home. B) may pose no problem if domestic savings are being invested more profitably abroad than they would be at home. C) may pose no problem if domestic savings are being invested less profitably abroad than they would be at home. D) there is no relation between current account surplus and between savings and investment. E) poses a problem if domestic savings are being invested less profitably abroad than they would be at home.
If butter is a substitute for margarine, then an increase in the price of butter would be most likely to cause:
a. a rightward shift of demand for margarine. b. a leftward shift of demand for margarine. c. the quantity demanded for margarine to increase. d. the quantity demanded for margarine to decline. e. a decline in the price of margarine.
Refer to Figure 8.1. Which graph best represents a total cost function?
A. A
B. B
C. C
D. D
A labor market monopsony
A) has a marginal cost of labor curve that lies above the labor supply curve. B) has a marginal cost of labor curve that lies below the labor supply curve. C) is a labor market in which the firm has an elastic demand for labor. D) is a labor market in which the firm has an inelastic demand for labor.