Which of the following statements best describes possibilities for trade?
a. Many larger national economies around the world, in regions like North America and Western Europe, have much more limited possibilities for trade inside their countries or their immediate regions.
b. Many smaller national economies around the world, in regions like Latin America, Africa, the Middle East, and Asia, have much more limited possibilities for trade inside their countries or their immediate regions.
c. Many medium national economies around the world, in regions like Latin America, Africa, the Middle East, and Asia, have much more limited possibilities for trade inside their countries or their immediate regions.
d. Many smaller national economies around the world, in regions like Eastern Europe, have much more limited possibilities for trade inside their countries or their immediate regions.
b. Many smaller national economies around the world, in regions like Latin America, Africa, the Middle East, and Asia, have much more limited possibilities for trade inside their countries or their immediate regions.
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There are two people in an economy. Person A’s demand for a public good is Q = 10 - P and person B’s demand is Q = 20 - 2P. The highest total that A and B will be willing to pay for six units of the public good is
a. $3 b. $4 c. $7 d. $11
A science that studies the behavior and interactions of human beings, individually and in groups, is known as a(n)
a. social science. b. physical science. c. interactive science. d. dynamic science.
When the housing bubble popped, the effect of the negative demand side shock and the negative supply side shock were the same on:
A. output, causing it to definitely decrease. B. prices, causing them to definitely rise. C. output, causing it to definitely increase. D. prices, causing them to definitely fall.
Refer to the information provided in Figure 3.12 below to answer the question(s) that follow.
Figure 3.12Refer to Figure 3.12. The supply curve for hula hoops shifts from S1 to S0. This could be caused by
A. a decrease in the number of firms selling hula hoops. B. a decrease in the cost of producing hula hoops. C. a decrease in the demand for hula hoops. D. a decrease in the price of hula hoops.