On the gold standard, a trade deficit in the U.S. impacted the economy by producing
(a) a gain of specie.
(b) a tight supply of money.
(c) low interest rates.
(d) deflation.
(b)
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For economic purposes in the United States, the working-age population does not include:
A. anyone in the military. B. someone who is 16 and does not want to work. C. someone who is 65. D. anyone without a driver’s license.
Figure 10-3
In Figure 10-3, the perfectly competitive firm is realizing a
a.
loss equal to ABCE.
b.
profit equal to ABCE.
c.
profit equal to ABDF.
d.
loss equal to ABDF.
In the long run, a year-long drought that destroys most of the summer's wheat crops causes permanently:
A. higher prices. B. lower prices. C. lower output. D. None of these is true.
Which of the following statements best describes the concept of consumer surplus?
A) "I paid $89 for a microwave oven last week. This week the same store is selling the same microwave oven for $69." B) "I sold my hard copy of Harry Potter and the Half-Blood Prince to a used book store for $10 even though I was willing to sell it for $5." C) "Target was having a sale on tube socks so I bought 5 pairs." D) "I was going to pay $200 for new sunglasses that I had seen at the Oakley store but I ended up paying only $140 for the same sunglasses."