Refer to the above diagram for the milk market. There would be a shortage of milk whenever the price is:
Higher than $2.00 per gallon
Lower than $1.50 per gallon
Higher than $1.50 per gallon
Lower than $2.00 per gallon
Lower than $1.50 per gallon
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Define the term "export."
What will be an ideal response?
If real GDP increases from $5 billion to $5.25 billion and the population increases from 2 million to 2.02 million, real GDP per person increases by ___ percent
A. 5.0 B. 1.0 C. 2.5 D. 4.0
Thailand has a comparative advantage in rice and an absolute advantage in both rice and cell phones. Indonesia has a comparative advantage in cell phones. According to this scenario
A. Indonesia should export rice and import cell phones. B. Thailand should export rice and import cell phones. C. Indonesia should import both cell phones and rice. D. Thailand should export both cell phones and rice.
If tax rates increased, giving people a decreased incentive to work and businesses a decreased incentive to invest
A. both aggregate supply and demand will decrease, aggregate output will decrease, and the price level will decrease. B. aggregate supply will decrease, aggregate demand will increase, aggregate output will decrease, and the price level will increase. C. aggregate supply will decrease, aggregate output will decrease, and the price level will decrease. D. aggregate supply will decrease, aggregate output will decrease, and the price level will increase.