Which of the following indicates the difference between the volume of exports and imports of a product?
A. Total trade
B. Terms of trade
C. Intra-industry trade
D. Net trade
Answer: D
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If the demand curve is a downward sloping straight line, the price elasticity of demand always
A) increases as the demand curve shifts rightward. B) increases as the demand curve shifts leftward. C) increases with movements upward along the demand curve. D) decreases with movements upward along the demand curve.
Provide a justification for favoring in-kind transfer payments over cash transfer payments. Why might the fungibility of money erode the strength of this justification?
What will be an ideal response?
Static tax analysis assumes that
A) an increase in a tax rate may lead to a decrease in the tax base. B) an increase in a tax rate will lead to an increase in the tax base. C) an increase in a tax rate will leave the tax base unchanged. D) the tax base will always remain unchanged.
Exhibit 8-2 Consumption function
As shown in Exhibit 8-2, the marginal propensity to consume (MPC) is:
A. 0.25. B. 0.50. C. 0.75. D. 0.90.