If the U.S. has exports of $1.5 trillion and imports of $2.2 trillion, then the U.S
a. sells more overseas then it buys from overseas; it has a trade deficit.
b. sells more overseas then it buys from overseas; it has a trade surplus.
c. buys more from overseas then it sells overseas; it has a trade deficit.
d. buys more from overseas then it sells overseas; it has a trade surplus.
c
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Which of the following statements regarding a price-taking firm is correct?
A) Demand = average revenue > marginal revenue. B) Demand = marginal revenue > average revenue. C) Demand = price = average revenue = marginal revenue. D) Demand = price > average revenue > marginal revenue.
When an individual's wage rises, the income effect tends to
a. increase hours worked. b. decrease hours worked. c. leave hours worked unchanged. d. it is impossible to predict what will happen to hours worked.