Suppose that in each of four successive years producers sell more of their product and at lower prices. This could be explained
A. by small annual increases in demand.
B. as an exception to the law of supply.
C. in terms of a stable supply curve and increasing demand.
D. in terms of a stable demand curve and increasing supply.
Answer: D
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As of 2008, the members of the WTO account for what percentage of world trade?
A) 3 percent. B) 23 percent. C) 57 percent. D) 97 percent
Caution must be exercised in using regression models for prediction when:
a. the value of the independent variable lies inside the range of observations from which the model was estimated b. the value of the independent variable lies outside the range of observations from which the model was estimated c. diminishing returns are present d. the existence of saturation levels are present e. none of the above
When domestic prices rise,
A. people buy fewer imported goods. B. people buy more imported goods. C. interest sensitive consumption rises. D. exports rise.
In 2013, the income share of the lowest quintile was:
A. 3 percent. B. 20 percent. C. 90 percent. D. 47 percent.