The difference between export spending on domestically produced goods and services by individuals in other countries and import spending on foreign produced goods and services by domestic residents is called:
A) net export expenditure.
B) personal consumption expenditure.
C) government expenditure.
D) investment expenditure.
A
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Referring to Figure 19.2, a depreciation of the dollar is represented by a movement from point
A) a to c. B) c to a. C) c to d. D) b to a.
As a consumer you believe yourself to act rationally, optimally and self-interestedly. You like ice cream and value a pint at $7 . Usually you buy a pint each week at $4 . This week however, the price jumped to $5 a pint. What would you do?
a. buy the ice cream since the price is still below your maximum willingness to pay b. buy the ice cream since even at the new price it gives you a positive amount of consumer surplus c. not buy the ice-cream since the price is now higher d. both A&B
In economics, the demand for a good refers to the amount of the good people:
a. would like to have if the good were free. b. are willing to buy at various prices. c. need to achieve a minimum standard of living. d. will buy at alternative income levels.
A monopolist who is unable to price discriminate: a. will never produce in the output range where marginal revenue is positive. b. will never produce in the output range where marginal revenue is negative. c. will never produce in the output range where demand is inelastic
d. will be characterized by both (b) and (c).