Which of the following is a reason to study economics?
A. Economic analysis explains daily events.
B. It helps us understand why people, firms and government behave in a certain way.
C. We need to understand relevant economic applications and policy issues.
D. It provides useful logic for solving complex problems.
E. All of these
Ans: E. All of these
Explanation: Economic is a study which explains the reasoning of behaving in a particular manner by consumer, producer, industry or economy as a whole. It describes the various economic applications and policy concerning such reactions and why such application happen.
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The debt service ratio is defined as
(a) the ratio of total debt to export earnings. (b) the ratio of total debt to GDP. (c) the ratio of payments on foreign debt to export earnings. (d) the ratio of payments on foreign debt to GDP.
A program budget ______
a. increases the budget of an agency by the annual inflation rate b. groups expenditures by the goals they are trying to achieve c. groups expenditures by the types of items that are purchased d. groups expenditures by agency
When a country specializes and trades with other countries, it is most likely that it specializes in goods for which
A) it has a comparative advantage. B) it has an absolute advantage. C) it has no advantage. D) are very costly to produce.
The quantity of tickets demanded to the Super Bowl is always greater than the quantity supplied. Which of the following in the best explanation why the National Football League does not raise the price of tickets to the level where the quantity demanded
equals the quantity supplied? A) Raising the price would reduce the demand for tickets; there would then be a surplus and the game would not sell out. B) The cost of raising the price and printing new tickets would exceed the revenue the NFL would receive from higher ticket prices. C) The demand for Super Bowl tickets is elastic; raising the price would reduce total revenue. D) The NFL is concerned that raising ticket prices would be considered unfair.