Net exports is a negative number when:
A. a nation's exports of goods and services are greater than its imports.
B. a nation's imports of goods and services are greater than its exports.
C. a nation's imports of goods and services rise.
D. a nation's imports of goods and services fall.
Answer: B
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Maurice can drive or fly from Jacksonville, Florida to Atlanda, Georgia, for a one-day business trip. If he drives, he will be able to work three hours once he arrives in Atlanta, whereas traveling by plane will enable him to work eight hours. His expected income from each hour of work in Atlanta is $30 . If Maurice is a rational decision maker, he will fly if and only if the price differential
(air cost minus driving cost) is less than a. $30. b. $90. c. $150. d. $240.
Other things the same, a country could move from having a trade deficit to having a trade surplus if either
a. saving rose or domestic investment rose. b. saving rose or domestic investment fell. c. saving fell or domestic investment rose. d. saving fell or domestic investment fell.
Cheating in a cartel is more likely to occur if the industry
A) has a large number of firms. B) has homogeneous products. C) has easily observable prices. D) has little ability to affect market prices.
Suppose the current level of output is 5000 and the elasticity of output with respect to labor is 0.7. A 10% increase in labor would increase the current level of output to
A. 5035. B. 5350. C. 5070. D. 5700.