If New Yorkers decrease their purchases of French champagne, assuming all else remains constant, this will ________ of the United States
A) increase the trade deficit
B) decrease the current account balance
C) increase the balance of trade
D) decrease net exports
E) increase the balance of payments
C
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A change in demand would be illustrated by
a. a drop in price, which causes people to buy more. b. an increase in price, which causes people to buy less. c. a change in people’s preferences that causes them to buy either more or less than before. d. All of these.
A decrease in the number of workers hired by a firm could result from
A) an increase in the marginal product of labor. B) an increase in the marginal revenue product of labor. C) an increase in the real wage. D) a decrease in the real wage.
The Consumer Price Index for one year compares the
a. prices of all goods and services in the economy in that year compared to the prices of those goods and services in a base year b. prices of consumer goods and services that a household purchases in that year to the prices of those goods and services purchased in a base year c. prices of producer goods and services that are made for consumers in that year to the prices of those goods and services in a base year d. prices of goods and services that are purchased by producers in that year to the prices of those goods and services in a base year e. prices of goods and services that are purchased by consumer manufacturers in that year to the prices of those goods and services in a base year
Which is the main problem with the barter system of exchange? Barter:
A. encourages self-interest and selfishness. B. undermines the right to leave property to one's heirs. C. requires a coincidence of wants. D. fosters specialization and division of labor.