A balance of payments deficit is defined as the amount by which
A. a country’s exports exceed its imports.
B. a currency must appreciate in order to reach equilibrium.
C. quantity supplied of a country’s currency exceeds quantity demanded.
D. quantity demanded of a country’s currency exceeds quantity supplied.
Answer: C
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If a firm fired one worker and lost 12 units of production and decides to add one more unit of capital, then to remain on the same isoquant what must be TRUE?
A) The MPK of the next unit of capital added equals 12. B) The firm must force the other workers to work more. C) The firm will experience a decline in output. D) The marginal rate of technical substitution is greater than 12.
A laissez faire policy is one in which
a. the government plays a major role in guiding economic activity b. the government prefers to control taxes rather than spending c. the government leaves things alone d. individuals rely on the government for guidance but not for active intervention in the economy e. businesses rely on the government for guidance but not for active intervention in the economy