Which of the following statements best describes the expected pattern of trade imbalances?
a. The expected pattern of trade imbalances in the world economy has been that low-income economies will run trade surpluses, while middle and high-income economies will run trade deficits.
b. The expected pattern of trade imbalances in the world economy has been that low and middle-income economies will run trade surpluses, while high-income economies will run trade deficits.
c. The expected pattern of trade imbalances in the world economy has been that high-income economies will run trade surpluses, while low- and middle-income economies will run trade deficits.
d. The expected pattern of trade imbalances in the world economy has been that low and high-income economies will run trade surpluses, while middle-income economies will run trade deficits.
c. The expected pattern of trade imbalances in the world economy has been that high-income economies will run trade surpluses, while low- and middle-income economies will run trade deficits.
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Refer to Figure 3-6. The figure above represents the market for coffee grinders. Assume that the price of coffee grinders is $50. At this price
A) there is a surplus equal to 90 coffee grinders and the price of coffee grinders will fall until demand is equal to supply. B) there is a surplus equal to 90 coffee grinders that will be eliminated when the price falls to $25. C) the quantity supplied exceeds the quantity supplied by 100. The price will eventually fall to $25 where quantity demanded will equal quantity supplied. D) the supply exceeds the demand by 90. Some producers will have an incentive to offer to sell coffee grinders at a lower price.
The sale of western land after 1790 was steady and strong
Indicate whether the statement is true or false
If demand is unit elastic, then a 10 percent increase in price will lead to a 10 percent drop in quantity demanded
a. True b. False Indicate whether the statement is true or false
The law of one price works well for ________ traded commodities.
A. heavily B. all C. domestically D. rarely