If a country has net exports of $8 billion and sold $40 billion of goods and services abroad, then it has
a. $48 billion of imports and $40 billion of exports.
b. $48 billion of exports and $40 billion of imports.
c. $40 billion of imports and $32 billion of exports.
d. $40 billion of exports and $32 billion of imports.
d
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If the price of inputs rises when a nation is in the intermediate range:
a. Real GDP remains the same and average price level rises. b. Real GDP remains the same and average price level remains the same. c. Real GDP falls and average price level rises. d. Real GDP falls and average price level falls. e. Real GDP falls and average price level remains the same.
The marginal revenue of a monopolistically competitive firm
A) cannot be negative because the price the firm charges will always be greater than zero. B) can be negative if the firm charges a high price. C) can be negative if the firm charges a low price. D) will equal average revenue.