In the economy of Talikastan in 2015, consumption was $3000, GDP was $5500, government purchases were $1000, imports were $1000, and investment was $1000 . What were Talikastan's exports in 2015?
a. -$500
b. $500
c. $1500
d. $-1500
c
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Competition exists among sellers only if they
A) all set price equal to marginal cost. B) are price takers. C) are so numerous that no one of them can affect the price by restricting output. D) receive no special privileges from government. E) struggle to satisfy potential buyers.
Unless you accept his 'final offer' your negotiation opponent threatens to scrap the whole deal:
a. His threat is more believable if both parties would be harmed by scrapping the deal b. His threat is more believable if he has invested resources that lower his return to other options c. His threat is more believable if he puts his threat 'in writing' d. His threat is more believable if he has balked at this course of action in the past
The dramatic increase in the standard of living since the Industrial Revolution
a. means that societies and individuals face no constraints. b. has not meant unlimited abundance for societies or persons. c. means that "opportunity cost" is a meaningless concept. d. has reduced the choices open to persons. e. has made economics less useful to persons.
What is a tradable fishing limit that gives the holder the right to harvest a given quantity of fish during a given time period?
A. Replacement rate B. Total allowable catch C. Individual transferable quota D. Government-approved fishing license