When a country imports more than it exports, it has a:
A. trade deficit.
B. trade surplus.
C. zero trade balance.
D. policy which forbids exportation.
A. trade deficit.
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Refer to the figure above. Social welfare will be maximized if ________ units of Good Y are produced
A) 9 million B) 20 million C) 13 million D) 16 million
If a 1 percent decrease in the price of product A brings about a 3 percent increase in the sales of product B, then:
a. products A and B are complementary. b. the cross elasticity of demand between these two products is positive. c. products A and B are substitutes. d. the demand for these products is inelastic. e. the total revenue earned from product A will decrease.
If the Fed conducted an open market sale of government bonds and raised the discount rate: a. the money supply would increase
b. the money supply would decrease. c. the money supply would not change. d. the money supply could either increase or decrease.
What determines eligibility for SNAP?
a. If a person does not earn enough money to buy their desired amount of food b. If a person has young children or if the person is considered a senior c. If 30% of a person’s income does not afford a nutritionally adequate diet d. If 30% of a person’s income does not afford a person’s desired quality and quantity of food