Which of the following would do the most to reduce a trade deficit?
a. increase domestic saving
b. increase domestic political stability and respect of property rights
c. other countries reduce their trade restrictions
d. raise tariffs
a
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Consider a firm with the following cost information: ATC = $15, AVC = $12, and MC = $14 . If we know that this firm has decided to produce Q = 20 by following the rule to maximize profits or minimize losses, then the price of the output is
a. $12 b. $14 c. $15 d. $20 e. indeterminate from the information given
Keynesian economics
a. affirms the classical economists' basic premise concerning competitive markets b. believes that monopolies and unions tend to be permanent fixtures in our economy and the prices they create tend to be flexible, at least downward c. emphasizes that an economy can never be in equilibrium at less than full employment d. prefers to emphasize aggregate supply over aggregate demand e. believes that unemployment results when aggregate demand is insufficient to reach a full-employment level of real GDP