An economy that does not trade with the rest of the world is known as a(n) ________ economy
A) command B) closed C) open D) communist
B
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If the price of chicken falls, then in the market for beef
A) the demand curve for beef shifts rightward. B) the demand curve for beef shifts leftward. C) there is a movement downward along the demand curve for beef. D) there is a movement upward along the demand curve for beef.
A price index like the CPI, which uses a fixed basket of goods from one year to the next, will tend to overstate inflation because
a. producers are likely to change the number of goods they sell from year to year. b. producers will generally reduce the quality of goods as prices increase over time. c. consumers will tend to substitute away from goods that become more expensive. d. consumers will usually reduce their consumption of goods when they become relatively cheaper.
Total market supply can be derived by
A. adding up the largest quantity demanded at various prices. B. horizontally summing individual supply curves at each and every price level. C. vertically summing individual supply curves at the current technology level. D. looking at the changes in the price of raw materials needed to produce the product.
What is the euro? What was the goal in creating the euro?
What will be an ideal response?