An increase in demand for laptop computers would likely be caused by
A. an increase in the price of laptop computers.
B. an increase in the price of a complementary good.
C. a decrease in the price of laptop computers.
D. an increase in the price of a substitute good.
Answer: D
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A country that has relatively large amounts of a particular resource at its disposal
a. will tend to have an absolute advantage b. will trade the resource for some good in which that country has an absolute advantage c. will tend to have a comparative advantage in goods that make heavy use of that resource d. will trade the resource for some good in which that country has a comparative advantage e. will tend to have a low exchange rate
The smallest contributor to total federal tax revenues in 2014 was the: a. personal income tax. b. corporate income tax. c. excise tax
d. payroll tax.
If the marginal cost of producing the next unit of output is less than the average total cost, then:
A. the average total cost curve is increasing. B. the marginal cost curve is at its minimum. C. the average total cost curve is decreasing. D. the average total cost curve is at its minimum.
Over the last two decades, trade worldwide has fallen (as a share of global output) because many countries have discovered that trade produces too many job losses.
Answer the following statement true (T) or false (F)