The source of gains from trade is
a. tariffs
b. self-sufficiency
c. autarky equilibrium
d. absolute advantage
e. comparative advantage
E
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The income elasticity of demand is ________ for a normal good and ________ for an inferior good
A) positive; positive B) positive; negative C) negative; positive D) negative; negative
In the political market place, typical voters
A) support policies that they think will make the poor better off. B) fire bureaucrats who support efficient policies. C) are fully informed. D) are sometimes rationally ignorant about a policy.
The trade deficit is the mirror image of required capital inflows
a. True b. False Indicate whether the statement is true or false
When the money market is drawn with the value of money on the vertical axis, an increase in the money supply shifts the money supply curve to the
a. right, lowering the price level. b. right, raising the price level. c. left, raising the price level. d. left, lowering the price level.