Which of the following will most likely occur during the recovery phase of a business cycle?
a. Real GDP rises, and unemployment falls.
b. Real GDP declines, and inflation rises.
c. Interest rates rise, and the number of business failures rise.
d. Inflation rises, and employment falls.
a
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Use the figure below to answer the following question.
If actual production and consumption occur at Q1 and the price is P2
A. deadweight loss equals area f. B. producer surplus equals area c. C. producer surplus equals area c + b. D. consumer surplus equals area a + b.
In the figure above, if the market is at equilibrium, the sum of the total consumer surplus and the total producer surplus is
A) $240. B) $600. C) $1,000. D) $0. E) $60.
Dumping is said to occur when
A. Foreign producers sell their goods in export markets at prices below domestic prices. B. Foreign producers sell their goods abroad at prices lower than our average cost of production. C. Some foreign countries have trade surpluses and others have a trade deficit. D. Foreign producers sell their goods abroad at prices lower than their marginal cost of production.
The North American Free Trade Agreement established processes that have substantially reduced transborder pollution along the Mexico-U.S. border.
Answer the following statement true (T) or false (F)