An international agreement reached in 1994 by the world's trading nations provides for:
A. an increase in export subsidies on agricultural products.
B. an increase in agricultural price supports.
C. a reduction of tariffs on agricultural products.
D. an international research organization designed to discover nonfood uses of agricultural
output.
Answer: C
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Refer to Table 8-1. Suppose that a simple economy produces only four goods and services: sweatshirts, dental examinations, coffee drinks, and coffee beans. Assume all of the coffee beans are used in the production of the coffee drinks. Using the information in the above table, nominal GDP for this simple economy equals
A) 3,090 units. B) $7,250. C) $8,750. D) $9,750.
A price elasticity of demand of 2.3% implies
a. Demand is inelastic b. Demand is elastic c. Demand is unitary elastic d. Demand is perfectly elastic
When sketched as a function of disposable income, the investment demand curve is:
a. always horizontal. b. always vertical. c. upward sloping. d. parabolic.
According to proponents of the signaling theory of education, an increase in the education levels of all workers would
a. increase workers' productivity and increase their wages. b. increase workers' productivity but leave their wages unaffected. c. leave workers' productivity unaffected but increase their wages. d. leave workers' productivity and wages unaffected.