People take fewer trips by airplane when their incomes fall because of a recession. Trips by airplane must be
A) a normal good.
B) an inferior good.
C) a substitute for other goods.
D) a complement to other goods.
E) an inelastic good.
A
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Assume that Country X and Country Y are trading partners and the exchange rates are fixed. If prices in Country Y rise, all of the following are expected to happen except
A. Country X will export more. B. Country Y will import more. C. net exports will rise for Country X. D. trade will boost the GDP of Country Y.
A private good is
A) a good that is rival and excludable. B) a good that is rival and nonexcludable. C) a good that is nonrival and excludable. D) a good that is nonrival and nonexcludable.
In order for the price system to have satisfied the exacting requirements for efficiency,
a. MU must equal MC for each and every commodity. b. the average cost of producing each good must be equal to its MU. c. the maximum possible of total economic profit must be produced. d. every consumer's MU will be equal to marginal physical product
In 2011, Armenia had a real GDP of approximately $4.21 billion and a population of 2.98 million. In 2012, real GDP was $4.59 billion and population was 2.97 million. Armenia's real GDP per person in 2012 was
A) $1,545. B) $380. C) $1,413. D) $132.