Suppose European incomes increase annually by 4 percent per year, and as a result, U.S. farm exports to Europe rise by 2 percent annually. The U.S. farm exports are
A. Substitute goods.
B. Inferior goods.
C. Normal goods.
D. Price-elastic.
Answer: C
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The member countries under the EMS (European Monetary System) let their currencies float jointly among themselves, but maintained a fixed exchange rate against the rest of the world
Indicate whether the statement is true or false
________________ is defined as the application of the scientific method and materials to achieve objectives. Another definition is knowledge systematically applied to useful purposes
a. History b. The 4C Concept c. Technology d. Engineering
Negative externalities impose most of their costs:
a. directly on consumers of polluting processes. b. whenever individual health is harmed in the production process. c. only in large cities. d. on individuals other than consumers of the polluting product.
Price discrimination only occurs when consumers have only partial information about a product's price and availability.
Answer the following statement true (T) or false (F)