The principal result of the rising value of the U.S. dollar in the mid-1990s was a(n)
A. balance of payments deficit.
B. balance of payments surplus.
C. increase in the rate of inflation.
D. increase in the unemployment rate.
Answer: A
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If the value of the marginal product of labor exceeds the wage, then the firm could
a. increase profit by hiring additional labor. b. increase profit by reducing the amount of labor hired. c. increase revenue by lowering output. d. reduce total cost by hiring additional workers.
Politicians will often be able to gain from support of trade restrictions because
What will be an ideal response?
The equilibrium quantity of Smids would be found by
a. choosing a quantity that generated the highest market price b. setting price equal to the revenue target desired by firms c. solving for the price that generates the maximum revenue for sellers d. choosing the quantity desired by consumers and working backward to solve for theprice associated with that quantity e. determining the price and quantity where the demand and supply curves intersect
Many Americans believe that taxes have been gobbling up an ever-increasing share of the U.S. economy. Is this observation correct? Explain.
What will be an ideal response?