Algebraically, the relationship between imports and income can be written as
A. Y = mIM.
B. IM = m/Y.
C. IM = Y/m.
D. IM = mY.
Answer: D
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The rational expectations hypothesis is a theory that states that
A) people make their economic plans by using all available past and present information and their understanding about how the economy operates. B) individuals can predict the future perfectly, at least with respect to macroeconomic variables like the interest rate and inflation. C) people make their economic plans in an irrational, intuitive manner. D) people make their economic plans by relying on the policy statements made by the President and by leaders in Congress.
Economic regulation aims to control the price, output, the entry of new firms, and the quality of service in industries in which monopoly appears inevitable or even desirable
a. True b. False
In this consumer and producer surplus graph, what happens at equilibrium (E)?
a. MB = MC
b. MB < MC
c. MB > MC
d. MB + MC = 0
Suppose there is an economy that has 100 people each of whom makes a different good, and that they use a barter system for exchange. How many relative prices will there be?
What will be an ideal response?