A country's imports of goods minus its exports of goods is reported in the goods balance
a. True
b. False
Indicate whether the statement is true or false
False
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According to the second law of thermodynamics
a. matter and energy can be neither created nor destroyed b. nature’s capacity to convert matter and energy is limited c. nothing is lost in the conversion of materials from economic activity into other forms of matter and energy d. all of the above e. none of the above
Any increase in the present value of taxes for the consumer implies
A) an increase in lifetime wealth and an increase in current labor supply. B) an increase in lifetime wealth and a decrease in current labor supply. C) a decrease in lifetime wealth and an increase in current labor supply. D) a decrease in lifetime wealth and a decrease in current labor supply.
The perfect competition price system is the most efficient because it equates MC = P = MU
a. True b. False Indicate whether the statement is true or false
You estimate that the income elasticity of demand for dairy products in the use is 0.20. If national income is predicted to decrease by 3%, what is the percentage change in dairy products expected (all else equal)?
a. +3% b. -3% c. + 0.6% d. - 0.6% e. Can't tell from the available information