An export is a product:
A. produced in and purchased by residents of the home country.
B. produced in and sold to the residents of a foreign country.
C. produced in the home country and sold in another country.
D. produced in a foreign country and purchased by the residents of the home country.
Answer: C
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The legislative lag represents
A) the time it takes for policy makers to obtain data indicating what is happening in the economy. B) the time it takes for policy makers to be sure of what the data are signaling about the future course of the economy. C) the time it takes to pass legislation to implement a particular policy. D) the time it takes for policy makers to change policy instruments once they have decided on the new policy. E) the time it takes for the policy actually to have an impact on the economy.
Tariffs result in a decrease in consumer surplus because: a. the price and the quantity consumed of the protected good increases
b. the price and the quantity consumed of the protected good decreases. c. the price of the protected good increases and quantity consumed decreases. d. the price of the protected good decreases and quantity consumed increases.
Bananas, chocolate bars, chewing gum, orange juice and yogurt are considered to be ________ goods.
A. durable B. nondurable C. essential D. service
Shopping at a warehouse, such as Sam's Club or Costco, allows its members to pay very low prices on the goods and services they buy. Customers who shop at such a store incur:
A. no transaction costs because members can return any item purchased for any reason. B. transaction costs because they must be members to shop there. C. transaction costs because they must buy a product in bulk. D. no transaction costs because they pay prices that are lower than any other location.