Which statement is false?
A. If we restrict our imports, our exports will decline.
B. Trade restrictions cause economic inefficiency.
C. International finance is based on the gold standard.
D. None of these statements are false.
C. International finance is based on the gold standard.
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By referencing events in the news or something from your personal experiences, describe one example of each of the five foundations of economics discussed in this chapter.
Five Foundations of Economics: Incentives Trade-offs Opportunity cost Marginal thinking The principle that trade creates value
For each of the following pairs of products, state which are complements, which are substitutes, and which are unrelated
a. Digital camera and memory card b. 7Up and Mountain Dew c. Swimsuits and flip-flops d. Tylenol and cat food e. Photocopier and paper
Refer to the information provided in Figure 16.2 below to answer the question(s) that follow.
Figure 16.2Refer to Figure 16.2. To force this firm to produce the ________ level of output, the government should ________ of $10.00 per car.
A. efficient; impose a tax B. market; issue a subsidy C. market; impose a tax D. efficient; issue a subsidy
Like the supply curve for individual goods and services, the aggregate supply curve slopes upward and to the right.
Answer the following statement true (T) or false (F)