The world price of a good is determined by the
A. demand for that good in the world market.
B. country that produces the good.
C. worldwide demand and supply of that good.
D. supply of that good in the world market.
Answer: C
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Someone who has just inherited a "goldmine" has received a great deal of ________
A) wealth B) money C) income D) currency E) liquidity
The production possibilities frontier is a graph that shows the various combinations of output that an economy can possibly produce given the available factors of production and
a. society's preferences. b. the available production technology. c. a fair distribution of the output. d. the available demand for the output.
Congressman Smith and Congresswoman Johnson both consider themselves advocates for the national parks and are introducing different bills designed to benefit the parks. Congressman Smith's bill calls for an increase in the entrance fees. Congresswoman Johnson's bill calls for a decrease in the entrance fees. Which of the bills would be more effective at ensuring the quality of the national parks?
a. Congressman Smith's bill because it will reduce the overuse of the parks b. Congresswoman Johnson's bill because more visitors means more citizens will value and care for the parks c. Both bills would be equally effective. d. Neither bill would be effective.
An inflation rate below the target rate will result in:
A. a movement down along the monetary policy reaction curve and a movement down the dynamic aggregate demand curve. B. a movement up along the monetary policy reaction curve and a movement down the dynamic aggregate demand curve. C. a movement up along the monetary policy reaction curve and a leftward shift of the dynamic aggregate demand curve. D. a movement up along the monetary policy reaction curve and a rightward shift of the dynamic aggregate demand curve.