Refer to Figure 2.1. At point C, demand is:
A) completely inelastic.
B) inelastic, but not completely inelastic.
C) unit elastic.
D) elastic, but not infinitely elastic.
E) infinitely elastic.
C
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Once the categories of income are totaled, the sum is called
A) GNP and is not equal to GDP. B) "total income earned" and is equal to GDP. C) "net domestic product at factor cost" and is equal to GDP. D) "GDP measured by the income approach." E) "net domestic product at factor cost" and is not equal to GDP.
Once trade begins, a country will tend to specialize completely in the production of its export good
Indicate whether the statement is true or false
If the real interest rate in the United States increases, foreign investors will ________ their demand for U.S. dollars because they desire to ________ more U.S. financial assets
A) increase; buy B) increase; sell C) decrease; buy D) decrease; sell
Economic regulation is government policy designed to
a. improve health and safety in products and in working conditions b. prevent firms from monopolizing or developing a cartel in existing competitive markets c. eliminate existing monopolies by breaking them apart into many smaller firms d. create monopolies by forcing competitive firms to merge e. control price and output in industries where monopoly is desirable