Although it declined in the first quarter of 2009, the United States was still running a trade deficit, which means that the United States would have to
A) increase the money supply. B) decrease the value of its financial account.
C) devalue the dollar. D) sell some of its assets to foreigners.
D
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In the above table, the efficient level of output is
A) 2,000 units. B) 3,000 units. C) 4,000 units. D) 5,000 units.
Studies have shown that drinking one glass of red wine per day may help prevent heart disease. Assume this is true, and a fungal disease destroys a large portion of the grape harvest of California vineyards
In the market for red wine, these two developments would A) increase demand and decrease supply resulting in a decrease in both the equilibrium quantity and the equilibrium price of red wine. B) increase demand and increase supply, resulting in an increase in the equilibrium quantity and a decrease in the equilibrium price of red wine. C) increase demand and decrease supply, resulting in an increase in both the equilibrium price and the equilibrium quantity of red wine. D) increase demand and decrease supply, resulting in an increase in the equilibrium price and an uncertain effect on the equilibrium quantity of red wine.
Refer to the above figure. For which Lorenz curve does the richest 40 percent make 50 percent of the nation's money income?
A) A B) B C) C D) D
Which of the following statements best describes firms under monopolistic competition?
a. Profits will be positive in the long run. b. Price always equals average variable cost. c. In the long run, positive economic profit will be eliminated. d. Marginal revenue equals minimum average total cost in the short run.