With international trade, a country will export tires. Prior to international trade, the quantity of tires produced in the country ________ the quantity of tires consumed in the country
A) must be more than
B) must be less than
C) might be more than, less than, or equal to
D) must equal
D
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Which of the following events could result in the consumption function shifting from CF0 to CF1?
A) a decrease in wealth B) an increase in expected future income C) a decrease in disposable income D) an increase in disposable income E) an increase in the real interest rate
A hidden cost fallacy can be avoided
a. by ignoring the opportunity costs to using a capital b. by ignoring the cost of capital c. by taking all capital costs into account including the cost of equity d. none of the above
Which of the following would be least likely to affect the supply of automobiles?
a. higher prices for steel and other resources used in producing automobiles b. a successful physical fitness plan encouraging Americans to walk rather than drive to their destinations c. a technological improvement reducing the production costs of automobiles d. increased wages for members of the United Auto Workers union
Which of the following is a statement which describes how the world should be?
a. Positive statement b. Normative statement c. Cognitive statement d. Reflective statement