Goods and services bought domestically but produced in other countries are referred to as
A) transfer payments. B) exports.
C) imports. D) foreign consumption.
C
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Which of the following statements is true about M2?
A) Its total value is smaller than that of M1. B) Apart from those assets also included in M1, it includes no assets that offer check-writing features. C) Its total value is about five times as large as M1. D) It includes large-denomination time deposits.
Luxury brands like designer sunglasses are goods that may exhibit snob effects. Suppose this is true, and the price for a particular brand increases. What happens to the component changes in the quantity demanded?
A) Pure price effect and snob effect are negative B) Pure price effect and snob effect are positive C) Pure price effect is positive, snob effect is negative D) Pure price effect is negative, snob effect is positive
Figure 3.5 illustrates the supply of tacos. A decrease in the supply of tacos is represented by a movement from:
A. point a to point b. B. point c to point b. C. S2 to S1. D. S0 to S1.
The supply curve for land in the city of San Francisco is most likely
A. an upward sloping straight line. B. a downward sloping straight line. C. vertical or perfectly inelastic. D. horizontal or perfectly elastic.