When one country's potential GDP is higher than its real GDP, this means ______.
A. its exports are higher than its imports.
B. inflation is getting worse.
C. there exists some unemployment.
D. None of the above.
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Decreasing returns to scale may arise from ______.
A. specialization of inputs.
B. duplication of plant and equipment at equal cost.
C. inefficiencies in management.
D. using inputs in unequal proportions.
The price elasticity of demand curve faced by a competitive firm is ______.
A. 0.
B. -1.
C. -∞.
D. 1.
For a profit-maximizing firm, the price level equals its marginal revenue (MR) when ______.
A. in an oligopolistic market.
B. in a monopolistic situation.
C. in a perfectly competitive market.
D. sales rise with the increase in price level.
Assume that there is inflation in the United States and the government pursues a contractionary fiscal policy. The likely effect would be that ______.
A. there would be a lower domestic interest rate and an increase in the demand for dollars that would partially offset the policy.
B. there would be a depreciation in the value of the dollar and a decrease in net exports that would partially offset the contractionary fiscal policy.
C. there would be an increase in net exports and an increase in aggregate demand that would partially offset the policy.
D. there would be a decrease in net exports and a decrease in aggregate demand that would partially reinforce the policy.
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