Statistical data suggests that the rate of inflation in the U.S. typically decreased:
a. after World War I and World War II
b. during periods of depression or recession.
c. before the World War I and World War II.
d. during periods of economic growth.
b
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Use the figure below to answer the following question.
If actual production and consumption occur at Q1 and the price is P1
A. deadweight loss equals area b. B. producer surplus equals area c + b. C. consumer surplus equals area a + b. D. consumer surplus equals area a.
Currency traders expect the value of the dollar to fall. What effect will this have on the demand for dollars and the supply of dollars in the foreign exchange market?
A) Demand for dollars will decrease, and supply of dollars will decrease. B) Demand for dollars will increase, and supply of dollars will decrease. C) Demand for dollars will increase, and supply of dollars will increase. D) Demand for dollars will decrease, and supply of dollars will increase.
John has decided to view the solar eclipse tomorrow. The eclipse is an example of
A) a good. B) an economic good. C) a service. D) entrepreneurship.
If the benefits from trade are larger than the costs of trade, _____
a. a tariff should be imposed on the traded good b. trade should be allowed c. the domestic price of the traded good should be regulated d. the domestic consumption of the traded good should be taxed