Related to the Economics in Practice on p. 673: The French economy would most likely have to pay higher prices for candles if the candle makers in the petition
A. were not granted any protection for their industry.
B. had a comparative advantage in producing candles.
C. were able to gain protection for their industry.
D. were allowed to export their product.
Answer: C
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Suppose the following information describes the economy:Consumption3000Government Budget surplus500Government transfers and interest payments750Government tax collections1,750GDP6,000Private saving equals ____and national saving equals ________.
A. 3,000; 3,500 B. 1,500; 2,500 C. 2,000; 2,500 D. 1,250; 1,750
If a pharmaceutical firm is researching ways to improve its heartburn medicine and discovers a technique that will improve its allergy medicine, one could conclude that economies of scope exist in that industry
Indicate whether the statement is true or false
The demand for novels is _____________ than is the demand for science textbooks because __________________.
A. less price elastic; novels have more available substitutes. B. more price elastic; novels have less available substitutes. C. less price elastic; novels have less available substitutes. D. more price elastic; novels have more available substitutes.
The Federal Reserve System is divided into:
A. 5 districts B. 7 districts C. 12 districts D. 15 districts