Japan exports cars to the other countries of the world. In an open economy Japan is most likely to have a domestic price that is ________ the world price of cars.
A. greater than
B. close to
C. equal to
D. less than
Answer: C
You might also like to view...
When a producer has the ability to produce a good or service at a lower opportunity cost than others, economists say the producer:
A. has an absolute advantage at producing that good. B. has a comparative advantage at producing that good. C. has no reason to trade with others. D. is efficient in production.
Which of the following is not correct?
a. Some states in the U.S. mandate minimum wages above the federal level. b. Most European nations have minimum-wage laws. c. The U.S. minimum wage is significantly higher than the minimum wages in France and the United Kingdom. d. The U.S. Congress first instituted a minimum wage with the Fair Labor Standards Act.
Jorge deposited $1,000 into an account three years ago. The first two years he earned 5 percent interest; the third year he earned 6 percent interest. How much money does Jorge have in his account today?
a. $1,157.90 b. $1,168.65 c. $1,176.00 d. None of the above are correct to the nearest cent.
A firm lowers the price it charges. The firm's total revenue decreases. What can we conclude about the price elasticity of demand?
A) Demand is elastic. B) Demand is unit elastic. C) Demand is inelastic. D) Demand is perfectly elastic. E) Not enough information is given to conclude anything about price elasticity of demand.