What was the difference between service exports and service imports in 2017?
a. $797 billion
b. $542 billion
c. $255 billion
d. -$255 billion
c. $255 billion
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Given the values in the table above, if the real interest rate rises from 5 to 6, the change in household saving is ________
A) negative 0.5 B) negative 1.55 C) negative 0.45 D) 1.55 E) none of the above
The "perfect information" assumption of perfect competition includes all of the following except one. Which one?
A) Consumers know their preferences. B) Consumers know their income levels. C) Consumers know the prices available. D) Consumers can anticipate price changes. E) Firms know their costs, prices and technology.
A positive statement:
A. can actually be false. B. must always be true. C. provides an opinion with a positive outlook. D. is the same as a normative statement.
Saddle shoes are not popular right now, so very few are being produced. If saddle shoes become popular, then how will this affect the market for saddle shoes?
a. The supply curve for saddle shoes will shift right, which will create a shortage at the current price. Price will increase, which will decrease quantity demanded and increase quantity supplied. The new market equilibrium will be at a higher price and higher quantity. b. The supply curve for saddle shoes will shift right, which will create a surplus at the current price. Price will decrease, which will increase quantity demanded and decrease quantity supplied. The new market equilibrium will be at a lower price and higher quantity. c. The demand curve for saddle shoes will shift right, which will create a shortage at the current price. Price will increase, which will decrease quantity demanded and increase quantity supplied. The new market equilibrium will be at a higher price and higher quantity. d. The demand curve for saddle shoes will shift right, which will create a surplus at the current price. Price will decrease, which will increase quantity demanded and decrease quantity supplied. The new market equilibrium will be at a lower price and higher quantity.