An increase in income causes the demand for inferior goods to_____________ and the price of inferior goods to ____________
a. Increase; increase
b. Increase; decrease
c. Decrease; increase
d. Decrease, decrease
d
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If goods are produced abroad but consumed domestically,
a. those goods are termed imports b. international trade has not occurred c. the domestic economy is economically inefficient d. there are no gains from specialization e. those goods are termed exports
Alternative Outputs from One Day of Labor Wheat (in bushels) Textiles (in yards) United States 12 3 Great Britain 3 12 According to the table above, the United States
a. has an absolute advantage over Great Britain in the production of textiles. b. has an absolute advantage over Great Britain in the production of wheat. c. has a comparative advantage in the production of textiles. d. should export textiles to Great Britain. e. none of the above
GDP is?
What will be an ideal response?
A demand curve will be kinked if rivals match price reductions but not price increases.
Answer the following statement true (T) or false (F)