Economists closely follow the current account balance because they believe it can provide information on the future movement of
A) interest rates.
B) gold flows.
C) exchange rates.
D) special drawing rights.
C
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According to the table above, transportation equipment production exhibits
A) decreasing returns to scale. B) constant returns to scale. C) increasing returns to scale. D) varying returns to scale.
If the price of cheese falls by 1 percent and the quantity demanded rises by 3 percent, then the price elasticity of demand for cheese is equal to:
A. 30. B. 0.333. C. 3. D. 0.30.
An economy with an average growth rate of 10 percent can expect to see its real GDP double in approximately 7 years.
a. true b. false
For a product with a rapidly increasing opportunity cost of producing additional units,
A) demand is price elastic. B) supply is price elastic. C) demand is price inelastic. D) supply is price inelastic. E) the demand curve is vertical.