The quantity of imports will decrease when there is
A) an increase in the real exchange rate.
B) a reduction in domestic output.
C) a reduction in foreign output.
D) all of the above
E) none of the above
B
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The three primary systems for allocating resources are
a. tradition, command, and central planning b. tradition, central planning, and communal c. command, market, and socialism d. tradition, command, and market e. communal, command, and capitalism
Discrepancies in profitability tempt rivals to charge the more profitable consumers somewhat lower prices in order to lure them away from the firm that is "overcharging" them. This practice is referred to as
a. collusion. b. price dealing. c. skimming. d. market penetration.
The supply of oil is likely to be
a. inelastic in both the short run and long run. b. elastic in both the short run and long run. c. elastic in the short run and inelastic in the long run. d. inelastic in the short run and elastic in the long run.
When poverty is defined by an relative real income level, what will happen to the poverty rate if the distribution of income is NOT perfectly equal?
A) The poverty rate will increase forever. B) The poverty rate will eventually be zero. C) The poverty rate will always remain constant. D) The poverty rate will change, but always exist.