Strategic complementarity refers to
a) two trade partners producing goods in which they have the greatest relative efficiency, and sharing the benefits through trade
b) the increase in demand for one good when the price of another good falls
c) a market failure in which individual decisions are not coordinated
d) the relationship between capital and labor during a business cycle
e) government subsidies for investment
c) a market failure in which individual decisions are not coordinated
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Excess capacity and high advertising expenditures are most likely to be encountered in
A) perfect competition. B) monopolistic competition. C) monopoly. D) both monopolistic and perfect competition.
The four federal taxes that together accounted for 88 percent of all federal government tax receipts in 2013 were:
A) individual income tax, corporate income tax, property tax, and sales tax. B) corporate income tax, national consumption tax, estate tax, and social security tax. C) individual income tax, social security tax, corporate income tax, and Medicare tax. D) social security tax, Medicare tax, estate tax, and corporate income tax. E) none of the above
If tariffs are decreased, the long-run effect is most likely to be
a. a decrease in both U.S. imports and exports.
b. an increase in both U.S. imports and exports.
c. a decrease in U.S. imports and an increase in U.S. exports.
d. an increase in U.S. imports and a decrease in U.S. exports
The equilibrium of aggregate supply and aggregate demand represents the:
A. total of all goods and services produced in the major sectors of the economy. B. general price level of the economy with respect to goods and services households purchase. C. overall state of the national economy. D. All of these are true.