If two countries are very different in relative factor abundance, then empirical support for which of the following would less likely?
A) the Factor Price Equalization Theorem
B) the Heckscher-Ohlin Theorem
C) the Law of One Price
D) the Law of Demand
E) the Gravity Theorem
A
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U.S. baby boomers are beginning to retire and withdraw their savings for retirement. What effect should we expect this to have on equilibrium price and quantity of financial assets?
A. Price rises and quantity also rises. B. Price falls and quantity also falls. C. Price rises and quantity falls. D. Price falls and quantity rises.
The money income of households consists of all the following, except:
A. Wages B. Profits C. Interest D. Revenues
According to the text, the federal government spends the most taxpayer-provided funds regulating which area of the economy?
A. consumer safety and health B. the environment C. finance and banking D. transportation
If the price of chili increases, there will be ________ of chili cheese fries.
A. an increase in the supply B. a decrease in the quantity supplied C. a decrease in the supply D. an increase in the quantity supplied