Refer to the diagram pertaining to two nations and a specific product. Lines FC and GD are:
A. domestic supply curves for two countries.
B. domestic demand curves for two countries.
C. import demand curves for two countries.
D. export supply curves for two countries.
C. import demand curves for two countries.
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Look at the five goods below to determine which of the five best fits the following statement: How much people spend on a good tends to be independent of its price
a. birthday candles b. automobile c. mattress d. lobster dinner e. rock concert
The main reason that the deficit grows in a recession is that
a. the government reacts quickly and adjusts taxes to compensate. b. monetary policy that targets interest rates causes the costs of borrowing to fall. c. the deficit causes the recession, and reducing the deficit cures the recession. d. many forms of taxes act as automatic stabilizers.
Which of the following transactions is not included in GDP?
a. oranges sold to households by a grocer. b. orange juice sold by a restaurant to its diners. c. oranges sold by a farmer to a grocery store. d. All of the above are included in GDP.
Everyone in the neighborhood has been complaining about the deteriorating condition of the park, but nobody has cleaned it up. Why not?
A. There is an excess demand for parks in the neighborhood. B. There is an excess supply of parks in the neighborhood. C. No single person's benefit from cleaning the park exceeds that person's cost of cleaning it. D. The social benefit of cleaning the park exceeds the social cost of cleaning it.