The concept of Say's law can be summed up by the phrase,
A) "supply creates its own demand."
B) "demand creates its own supply."
C) "supply and demand are equivalent concepts."
D) "supply and demand are irrelevant concepts."
A
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Under international trade we export those goods for which we have a relatively low
A. materials cost. B. wage cost. C. accounting cost. D. opportunity cost.
Rachel agrees to lend Phoebe $100 for six months and charges her interest of 2 percent. At the end of the six-month period, prices have risen by 4 percent.
A. Purchasing power has been redistributed to Rachel. B. No purchasing power has been redistributed. C. Purchasing power has been redistributed to Phoebe. D. Both Rachel and Phoebe received extra purchasing power.
In long-run equilibrium, a monopolistically competitive producer achieves:
A. neither productive efficiency nor allocative efficiency. B. both productive efficiency and allocative efficiency. C. productive efficiency but not allocative efficiency. D. allocative efficiency but not productive efficiency.
Since 1950, the volume of world trade and the volume of world real GDP
A) have both increased at roughly the same rate. B) have both decreased at roughly the same rate. C) have both increased, but the volume of world trade has increased more slowly than the volume of world real GDP. D) have both increased, but the volume of world trade has increased faster than the volume of world real GDP.