Which of the following would do the most to reduce a trade deficit?
a. increase domestic saving
b. increase domestic political stability and respect of property rights
c. other countries reduce their trade restrictions
d. raise tariffs
a
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Assume that the dollar price of a U.S. basket is $2 and the Mexican price for a U.S. basket is 40 pesos. On the other hand, the Mexican price for the Mexican basket is 100 pesos
Given this information, the dollar price for the Mexican basket will be: A) $8. B) $12. C) $10. D) $5.
What is a household's choice set defined as?
What will be an ideal response?
The most widely used measure of income inequality is
A) the Bureau of Labor Statistics' cost-of-living index. B) the Laffer curve. C) the Lorenz curve. D) the Gemini coefficient.
Economists infer that a consumer receives more utility from one good than another by
A. observing the consumer's behavior. B. giving consumers surveys about the utility they receive from the goods. C. means of introspection and speculation. D. the logic of the models used.