Refer to the scenario above. Tom should submit a bid of ________
A) $150
B) $250
C) $112.50
D) $200
A
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In the past two decades the United States lost its comparative advantage in automobiles to Japan. What factor was most responsible for the development of Japan's comparative advantage in automobiles?
A) Japan has abundant supplies of natural resources needed to produce automobiles. B) Japanese firms benefited from external economies. C) Japanese firms excelled in process technology. D) Japan has abundant supplies of labor.
Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower
If a bank subject to a 10% required reserve ratio has $10,000 in excess reserves, it can extend, at a maximum, which quantity of new loans?
A. $1,000 B. $9,000 C. $10,000 D. $100,000
A government spending and taxation policy to achieve macroeconomic goals is known as:
A. countercyclical policy. B. fiscal policy. C. monetary policy. D. a balanced budget.