In the circular flow model, the value of total production for an economy ________ the value of total expenditures on final goods and services.
A) equals
B) is less than
C) may be greater than or less than
D) is greater than
Answer: A) equals
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The use of government regulations and barriers in order to control trade is referred to as:
A) globalization. B) protectionism. C) liberalization. D) actualization.
According to the newly established GHG regulations, new or modified stationary sources of GHGs
a. would immediately face stringent emissions limits, regardless of their contribution to GHG emissions b. would be subject to the New Source Review requirements c. are required to eliminate all GHG emissions d. none of the above
Comparative advantage in production of the good measured on the horizontal axis is identified with a straight-line production possibilities frontier that has a slope that is
A. positive. B. larger in magnitude (or absolute value) and positive. C. larger in magnitude (or absolute value). D. smaller in magnitude (or absolute value).
At the point of consumer equilibrium, the slope of the budget line is equal to the:
A. indifference curve. B. consumer preference. C. market rate of indifference. D. marginal rate of substitution.