In Graph C, if P1 moved to P2 which of the following would most likely happen?
a. The price of leather would decrease.
b. The price of leather would decrease, but the quantity of leather would increase.
c. The price of leather would increase, but the quantity of leather would decrease.
d. The quantity of leather would increase.
d. The quantity of leather would increase.
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Which of the following statements best describes the expected pattern of trade imbalances?
a. The expected pattern of trade imbalances in the world economy has been that low-income economies will run trade surpluses, while middle and high-income economies will run trade deficits. b. The expected pattern of trade imbalances in the world economy has been that low and middle-income economies will run trade surpluses, while high-income economies will run trade deficits. c. The expected pattern of trade imbalances in the world economy has been that high-income economies will run trade surpluses, while low- and middle-income economies will run trade deficits. d. The expected pattern of trade imbalances in the world economy has been that low and high-income economies will run trade surpluses, while middle-income economies will run trade deficits.
Under a market system of resource allocation
a. prices determine what consumers buy while the government determines what firms produce b. prices determine what firms produce while the government determines what consumers buy c. prices determine both what firms produce and what consumers buy d. the government determines both what firms produce and what consumers buy e. the government allocates resources while prices allocate goods and services
Which of the following is an example of physical capital?
a. the strength of workers b. on the job training c. financial assets like cash and bonds d. the equipment in a factory
Since 2006, our unemployment rate
A. rose. B. fell. C. stayed about the same.