If the annual growth in a nation's productivity is 2.8 percent rather than 1.5 percent, then the nation's standard of living will double in about:
A. 20 years instead of 40 years
B. 25 years instead of 47 years
C. 46 years instead of 70 years
D. 55 years instead of 115 years
B. 25 years instead of 47 years
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Use the following graph to answer the next question.
Assume that Japan and the United States are engaged in a system of flexible exchange rates. If more people in the United States decide to purchase Japanese cars, what effect will this have on the market for yen?
A. The supply of yen will decrease. B. The price of yen will increase. C. The supply of yen will increase. D. The price of yen will decrease.
Assuming that Houston uses a flat fee pricing system for trash services, the equilibrium quantity of MSW services provided is
Use the following forany or all of Questions 11 through 13 below. Consider the following model of the municipal solid waste (MSW) services market in the city of Houston. MSC = 1.5 + 1.25Q MSB = 30 – 2.5Q MEC= 0.75Q MEB= 0 whereQ is the number of trash containers serviced per household per month. a. 12 c. 0 b. 1.2 d. 3
In terms of efficiency, trade diversion is a _____ desirable outcome of a regional free-trade agreement, because trade is diverted from the ___________ producer to the __________ producer .
a. more; high-cost; low-cost b. more; less deserving; more deserving c. less; low-cost; high-cost d. less; foreign; domestic
In a market economy, what specifies the terms of exchange, facilitating exchange between strangers?
A. contracts B. insurance C. patents D. accounting rules