As demand for phone apps increases, other things being equal, we can expect
A) a decrease in both the relative price and quantity of phone apps.
B) a decrease in the supply of phone apps.
C) more phone apps to be produced.
D) an excess number of phone apps in the market.
Answer: C
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The balance-of-payments identity is an equation that shows that the value of:
A. net exports equals the net capital outflow. B. net capital inflow equals the net capital outflow. C. imports must equal exports. D. payments from a country exceeds payments to a country.
Which of the following is not a policy to reduce stagflation?
A. Restricting immigration. B. Deregulation. C. Investing in human capital. D. Developing infrastructure.
If a friend helps you with your homework, it will not be calculated in the GDP accounts. But if you hire a tutor who reports the income, the services will be counted in GDP.
Answer the following statement true (T) or false (F)
Computerization of the business world since the 1980s and the development of the Internet in the 1990s
A. created more perfectly competitive firms. B. brought businesses closer to a state of perfect knowledge. C. created perfect mobility among resources thus making all businesses closer to the state of perfect competition. D. has made products more identical.