China is the world’s largest wheat producer. If China’s real gross domestic product grew by 11 percent in the previous year, it implies that
A. production of wheat grew by more than 11 percent.
B. products other than wheat grew by less than 11 percent.
C. China’s overall output grew by 11 percent.
D. production of wheat is declining in China.
Answer: C
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If the tariffs on textiles, apparel items, and footwear mentioned in the Application were replaced by equivalent voluntary export restraints (VERs), low-income consumers would probably
A) be worse off. B) be better off. C) be no better nor worse off. D) not be subject to the VERs.
In order to efficiently allocate goods and services, we have to compare
A) total cost to total benefit. B) total cost to price. C) marginal benefit to price. D) marginal cost to marginal benefit. E) price to marginal cost.
Deflation is a:
A. sustained fall in the aggregate price level. B. sustained increase in the aggregate price level. C. steady, unchanging aggregate price level. D. steady fall in the exchange rate.
As the number of firms in an oligopoly increases, the magnitude of the price effect increases
a. True b. False Indicate whether the statement is true or false