In an open economy, this country will ________ million bushels of corn.
A. import 150
B. import 600
C. export 600
D. export 300
Answer: C
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Unplanned inventories increase when
A) aggregate planned expenditure is less than GDP. B) actual aggregate expenditure is greater than aggregate planned expenditure. C) actual aggregate expenditure is equal to GDP. D) actual aggregate expenditure is less than GDP. E) real GDP is less than aggregate planned expenditure.
A price floor is
A) the highest possible legal price that can be charged for a good or service. B) usually equal to the equilibrium price established before the government imposed the price floor. C) the lowest legal price at which a good or service can be traded. D) a legal price of zero that can be charged for a good or service. E) almost always equal to the price ceiling.
Answer the following statements true (T) or false (F)
1. Demand is a list of needs or wants, regardless of purchasing power. 2. There is a difference between demand and quantity demanded. 3. A typical demand schedule shows higher sales at lower prices. 4. The quantity of goods demanded is a function of price alone. 5. An increase in demand causes price to rise and quantity sold to fall.
Considering the information in the table shown, if Jack decides to consume bundle D, we can conclude that Jack:
This table shows the different combinations of goods that Jack can consume, given that his income to spend on these two items is $10.
A. still has money left to spend.
B. is not maximizing his utility.
C. could consume more of both goods.
D. All of these are true.