The export supply and import demand curves measure the domestic shortage and surplus, respectively, at different world prices
a. True
b. False
Indicate whether the statement is true or false
False
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The supply of product X is inelastic (but not perfectly inelastic) if
A. an 8% increase in price generates an 8% increase in quantity supplied. B. a 10% decrease in price does not affect quantity supplied. C. a 7% decrease in price generates a 5% decrease in quantity supplied. D. a 5% increase in price generates a 7% increase in quantity supplied.
Assume that a combination of 10 bottles of wine and 2 cartons of milk lies on a consumer's budget constraint. If the price of one bottle of wine is $10, and one carton of milk is $1, what is the consumer's income?
A) $100 B) $20 C) $120 D) $102
If income were equally distributed, a nation's Lorenz curve would be identical to the _______________.
Fill in the blank(s) with the appropriate word(s).
Laura is a gourmet chef who runs a small catering business in a competitive industry. Laura specializes in making wedding cakes. Laura sells 20 wedding cakes per month. Her monthly total revenue is $5,000 . The marginal cost of making a wedding cake is $200 . In order to maximize profits, Laura should
a. make more than 20 wedding cakes per month. b. make fewer than 20 wedding cakes per month. c. continue to make 20 wedding cakes per month. d. We do not have enough information to answer the question.