Which of the following is NOT an expected benefit of reducing nontariff barriers to trade?
A) Fewer firms to compete with
B) Lower prices for many goods
C) Increase in the volume of exports and imports
D) Improved overall economic welfare
A
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What is demand-pull inflation?
What will be an ideal response?
Your grandfather tells you that he earned $7,000/year in his first job in 1961. You earn $35,000/year in your first job in 2016. You know that average prices have risen steadily since 1961. You earn
A) more than 5 times as much as your grandfather in terms of real income. B) less than 5 times as much as your grandfather in terms of real income. C) less than 5 times as much as your grandfather in terms of nominal income. D) 5 times as much as your grandfather in terms of real income.
A perfectly inelastic demand curve is
a. a vertical straight line b. a horizontal straight line c. a downward-sloping straight line d. an upward-sloping straight line e. not a straight line
As you eat a hamburger, there is less and less of it available for someone else to eat. This is the characteristic of nonexclusivity
Indicate whether the statement is true or false