Scarcity implies that
A) people should limit their wants, since shortages exist.
B) firms should be more efficient when producing goods.
C) people must make choices.
D) nonrenewable resources should never be used.
Answer: C
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In the figure above, with international trade the United States ________ million T-shirts per year
A) imports 20 B) exports 20 C) imports 40 D) imports 60 E) exports 40 The figure above shows the U.S. market for airplanes, where SUS is the domestic supply curve and DUS is the domestic demand curve. The United States trades freely with the rest of the world. The world price of an airplane is $150 million.
The Federal Reserve econometric model predicts that a 2 percent increase in the money supply will increase real GDP after one year by
A) 1 percent. B) 2.5 percent. C) 2 percent. D) 10 percent.
The main objective of financial liberalization is ________
A) to encourage financial innovation B) to improve the allocation of financial capital C) to discourage volatility in financial markets D) to reduce the likelihood of a credit boom
About how much of the tax is paid by the sellers?
A. $1.00
B. $1.35
C. $2.00
D. $2.65