If a U.S. citizen buys a television made in Korea by a Korean firm, then
a. U.S. net exports decrease and U.S. GDP decreases.
b. U.S. net exports are unaffected and U.S. GDP decreases.
c. U.S. net exports are unaffected and U.S. GDP is unaffected.
d. U.S. net exports decrease and U.S. GDP is unaffected.
d
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In a market system, the working of the price system only results in the distribution of income.
Answer the following statement true (T) or false (F)
Which of the following is not one of the three fundamental economic questions?
a. What happens when you add to or subtract from a current situation? b. For whom to produce? c. How to produce? d. What to produce?
With trade, the slope of the Consumption Possibilities Curve (CPC) is equal to
A) the world price of the good on the horizontal axis. B) the world price of the good on the vertical axis. C) the opportunity cost of the good on the horizontal axis. D) the opportunity cost of the good on the vertical axis.
The figure below shows the supply and demand curves for oranges in Smallville. 
At the price of $4 per pound, sellers offer ________ pounds of oranges per day, and buyers want to purchase ________ pounds of oranges a day.
A. 30; 10 B. 20; 20 C. 10; 20 D. 10; 30