Which of the following objectives is NOT a basis for international trade?
A. To gain from economies of scale.
B. To obtain goods that would be unavailable otherwise.
C. To obtain goods at lower prices than would be possible if they were produced domestically.
D. To increase Treasury reserves of gold bullion.
D. To increase Treasury reserves of gold bullion.
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The figure above shows Ronald's budget line. He has a weekly income of $20, which he spends on hotdogs and hamburgers. Ronald's real income in terms of hamburgers ________
A) depends on the quantity of hamburgers consumed B) depends on the quantity of hotdogs consumed C) is $20 D) is 10 hamburgers
In a market economy, businesses are encouraged to produce because of
a. the profit motive. b. altruism. c. government direction. d. civic duty.
Although technically owning a share means the shareholder holds a share of everything that the firm owns, but in actuality he is only entitled to a share of the company's earnings
a. True b. False Indicate whether the statement is true or false
There are two methods of calculating elasticities. One calculates the ratio of the percentage changes in quantity and price, and the other calculates the average percentage changes in quantity and price. We use the second method because it
a. involves an additional calculation b. is not sensitive to direction of movement c. is sensitive to direction of movement d. is never wrong e. always has the same sign