If the price of a good in a closed economy is lower than the world price, then with an open economy this country will be a ________ of that good.
A. price setter
B. net importer
C. price taker
D. net exporter
Answer: D
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Which of the following will not cause a shift in the demand curve for a good?
A. Income. B. Taste. C. The price of the good itself. D. The prices of other related goods.
Exhibit 8-1 Disposable income and consumption data Disposable Income(Y) Consumption(C) 0 500 1,000 1,400 2,000 2,200 3,000 2,900 4,000 3,500 5,000 4,000 In Exhibit 8-1, when disposable income (Y) is increased from $1,000 to $2,000, the marginal propensity to consume is:
A. 0.2. B. 0.6. C. 0.8. D. 1.0.
The government debt is the difference between the current level of total expenditures and revenues
Indicate whether the statement is true or false
Who appoints the Federal Reserve System's Board of Governors?
A) the Secretary of the Treasury B) the President of the United States C) the Speaker of the House of Representatives D) the American Banking Association