An increase in domestic income is likely to cause a(n):
a. increase in the exports and the net exports of the domestic country
b. increase in the imports of the domestic country and a decrease in its net exports.
c. decrease in the exports and the net exports of the domestic country.
d. decrease in the imports of the domestic country and an increase in its net exports.
a
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Based on the table "Real and Nominal GDP," if year one is the base year, then the real GDP in year three, is ________
A) 7200 B) 8250 C) 1050 D) 7500 E) none of the above
An essential economic role of government, even in the absence of "market failure," is
A. provision of free public education. B. operation of the postal service. C. enforcement of contracts between buyers and sellers. D. ownership of key modes of public transportation.
What is the term for giving up one choice for another opportunity?
a. choice cost b. opportunity cost c. direct cost d. implicit cost e. explicit cost
A map is an example of a model because a map
A) realistically describes an area. B) is always as complex as space will permit. C) is two-dimensional. D) is a simplified representation of reality.