In a perfectly competitive market, at the market price, buyers
a. cannot buy all they want, and sellers cannot sell all they want.
b. cannot buy all they want, but sellers can sell all they want.
c. can buy all they want, but sellers cannot sell all they want.
d. can buy all they want, and sellers can sell all they want.
d
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The total market value of final goods and services produced in an economy during a one-year period is
A) personal income. B) profit. C) net national product. D) Gross Domestic Product.
Yolanda received a $100 savings bond for her birthday. The bond pays $100 at maturity, which is in five years. If the interest rate is 3%, the bond has a present value of $86.26
Indicate whether the statement is true or false
If the United States can produce cotton more efficiently than India, then why is cotton cloth imported to the United States from India?
a. India has a harder-working labor force and better farming equipment. b. Trade is based on comparative advantage, not absolute advantage. c. Cotton production and trade are regulated by long-standing treaties. d. Indian suppliers have an absolute advantage over U.S. suppliers.
Holding all other prices and money income constant, if the price of food rises, then the consumer will adjust her expenditures and
A) reach an optimum on a higher indifference curve. B) reach an optimum on a lower indifference curve. C) reach an optimum on the same indifference curve. D) her level of satisfaction may go up or down.