Specialization is a major obstacle to international trade
a. True
b. False
Indicate whether the statement is true or false
False
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Use the following data to answer the next question. The disposable income (DI) and consumption (C) schedules are for a private, closed economy (an economy with no government and no international trade). All figures are in billions of dollars.Disposable IncomeConsumption$300$310350340400370450400500430If disposable income is $550, we would expect consumption to be
A. $430. B. $460. C. $450. D. $470.
The LM curve represents combinations of income and interest rate which
A) clear the goods market. B) achieve the external equilibrium. C) clear the money market. D) achieve internal equilibrium.
Perfectly competitive markets will tend to under-allocate resources to nonexclusive public goods because a. these goods are produced under conditions of increasing returns to scale
b. no single individual can appropriate the total benefits provided by the purchase of such goods. c. these goods are best produced under conditions of monopoly. d. no private producer can provide the capital necessary to produce such goods.
Refer to the data. The national income is:
Answer the question on the basis of the following data. All figures are in billions of dollars.
A. $265.
B. $223.
C. $208.
D. $346.