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In Exhibit 3-11, in Panel A the movement from point A to point B describes a(n):
A. increase in demand and an increase in the quantity supplied.
B. increase in the quantity demanded and an increase in supply.
C. decrease in demand and a decrease in the quantity supplied.
D. decrease in the quantity demanded and a decrease in supply.
Answer: C
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Trade between two countries can benefit both countries if
A) each country exports that good in which it has a comparative advantage. B) each country enjoys superior terms of trade. C) each country has a more elastic demand for the imported goods. D) each country has a more elastic supply for the exported goods. E) each country produces a wide range of goods for export.
Entrepreneurship functions better when
A) the government performs the entrepreneurial function. B) there is a well-defined property rights system. C) saving is relatively low. D) most of the population has low levels of education.
The standard economists use to assess whether an activity should be undertaken is
a. majority vote
b. the marginal benefit assessment.
c. the gold standard
d. economic efficiency.
If nominal GDP is constant, then the GDP deflator varies inversely with
A. The CPI. B. Real GDP. C. The unemployment rate. D. COLAs.