What is intra-industry
a. trade in different goods between two countries
b. trade in the same company between countries
c. trade in the same industry between two countries
d. trade in different goods in different countries
c. trade in the same industry between two countries
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A tax on a product will yield little revenue if
a. supply is elastic b. supply is inelastic c. demand is inelastic d. demand is elastic e. no tax in a developing country will yield significant revenue
Deflation is a:
A. sustained fall in the aggregate price level. B. sustained increase in the aggregate price level. C. steady, unchanging aggregate price level. D. steady fall in the exchange rate.
Which of the following is the most likely effect of lower apple juice prices on the price and quantity purchased of orange juice, a substitute product?
a. The price of orange juice will increase, and the quantity purchased will fall. b. The price of orange juice will fall, and the quantity purchased will increase. c. The price of orange juice will increase, and the quantity purchased will increase. d. The price of orange juice will fall, and the quantity purchased will fall.
You read a study that predicts that rising oil prices projected for this summer are certain to fuel inflation. Having taken an economics class, due to this expected change in prices, you predict that spending today will _________ and aggregate demand today will _________.
Fill in the blank(s) with the appropriate word(s).