The quantity supplied by domestic producers in an importing country must be less than the quantity demanded by its population.
Answer the following statement true (T) or false (F)
True
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When deriving an Engel curve, if the optimum point for good X lies to the left as income increases, good X is
a. a normal good. b. an inferior good. c. a Giffen good. d. a substitute for good Y.
If the nominal expected return on foreign assets is higher than on dollar assets ________
A) foreigners will want to hold additional dollar assets B) Americans will want to hold additional dollar assets C) foreigners will want to hold fewer foreign assets D) foreigners will want to hold additional foreign assets
Moving upward along a downward sloping straight-line demand curve, as the price of the product goes up
A) the price elasticity of demand does not change. B) the price elasticity of demand goes from being inelastic to being elastic. C) the price elasticity of demand goes from being elastic to being inelastic. D) the price elasticity of demand goes from negative to positive.
Which of the following statements best describes real per capita GDP in the US between 1929 and 1959?
a. It was a period of consistent increase. b. It was lower at the end of the period than the beginning because of the Great Depression. c. Although it was erratic in the early part of this period during the Great Depression, it increased consistently after World War II. d. It grew the most during World War II.