An economic agreement between countries to allow free trade in goods, services, labor, and financial capital between members while having a common external trade policy is called:
a. an economic union.
b. a common market.
c. a trade forum.
d. a free trade agreement.
b. a common market.
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Last year Christine worked as a consultant. She hired an administrative assistant for $15,000 per year and rented office space (utilities included) for $3,000 per month. Her total revenue for the year was $100,000. If Christine hadn't worked as a consultant, she would have worked at a real estate firm earning $40,000 a year. Last year, Christine's accounting profit was ________ and her economic profit was ________.
A. $64,000; $49,000 B. $100,000; $64,000 C. $9,000; 0 D. $49,000; $9,000
At the point at which planned real consumption spending is equal to real disposable income
A) the consumption function is above the 45-degree line. B) the consumption function intersects the savings function. C) the consumption function intersects the 45-degree line. D) the consumption function is below the 45-degree line.
In financial markets, buyers are people who:
A. want to spend money on something of value right now, but don't have cash on hand. B. have cash on hand and are willing to let others use it, for a price. C. want to spend money on something of big value in the future, but don't know how to save for it. D. have cash promised to them at some future date.
Explain how the presence of asymmetric information in car insurance markets may lead people who are good drivers or even average drivers to choose not to buy car insurance unless the law requires it