Which of the following countries had a major financial crisis in 1994?
a. Malaysia
b. Russia
c. Mexico
d. The United States
e. Singapore
c
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A linear demand for lake front cabins on a nearby lake is estimated to be: QD = 900,000 - 2P. What is the point price elasticity for lake front cabins at a price of P = $300,000? [HINT: Ep = (?Q/?P)(P/Q)]
a. EP = -3.0 b. EP = -2.0 c. EP = -1.0 d. EP = -0.5 e. EP = 0
Which of the following statements is true of a barter system? a. In a barter system economy, no rates of exchange are defined
b. In a barter system economy, there are as many different rates of exchange as there are pairs of goods to trade. c. In a barter system economy, rates of exchange are expressed in goods per dollar. d. In a barter system economy, rates of exchange are expressed in dollars per good. e. In a barter system economy, rates of exchange are denominated in gold or silver.
National income:
a. represents total wages and salaries in an economy. b. equals GDP minus indirect business taxes. c. equals GDP minus depreciation. d. equals C + I + G + (X ? M). e. is the value of existing capital stock used up in making goods.
If firms were required to pay the full social costs of the production of goods, including both private and external costs, other things being equal, there would probably be: a. an increase in production
b. a decrease in production. c. a greater misallocation of resources. d. a decrease in the market price of the product.