Which of the following accounted for over 85 % of our trade deficit in goods and services in 2009?
A. Imports from China.
B. Imports from Japan.
C. Imports of Oil.
D. Imports of steel.
C. Imports of Oil.
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Assume the graph shown shows Bobbi's budget constraint. If hairbands cost $5, then Bobbi's income to spend on these two items must be:
A. $8.
B. $6.
C. $40.
D. Cannot be determined without more information.
Assuming a constant cost industry, consumer surplus would be greater under monopoly than if the industry were perfectly competitive
a. True b. False
If the government were to intervene and set the rent for apartments in New York City below the market rent, then we would expect, relative to the market outcome,
a. an increase in the number of people wanting to live in apartments in New York City. b. a decrease in the number of people wanting to live in apartments in New York City. c. an increase in the number of apartments available for rent in New York City. d. None of the above is correct.
Using Figure 1 above, if the aggregate demand curve shifts from AD3 to AD2 the result in the long run would be:
A. P1 and Y2. B. P2 and Y1. C. P3 and Y1. D. P3 and Y2.