Which of the following is the most closed economy?
a. the Netherlands
b. the United States
c. Germany
d. Russia
e. Canada
b
You might also like to view...
At the equilibrium level of aggregate expenditure, what does aggregate expenditure equal? What happens at other levels of real GDP to bring about an equilibrium?
What will be an ideal response?
Economists have estimated that the cross-price elasticity of demand between beer and spirits is -0.50, the income elasticity for spirits is 1.21 and the income elasticity for wine is 5.03
These elasticities mean that beer and spirits are ________, and spirits and wine are ________. A) complements; substitutes B) substitutes; luxuries C) complements; luxuries D) normal goods; luxuries
If a small percentage increase in the price of a good results in a rather large percentage reduction in the quantity demanded of the good, demand is said to be
a. vertical. b. relatively inelastic. c. relatively elastic. d. robust.
The accumulation of scientific evidence can
A. resolve normative disputes. B. resolve positive disagreements. C. determine whether one person's gain is more important than another person's loss. D. always settle disputes over public policy.