If there is an excess supply of sport utility vehicles, then:
A. quantity demanded is greater than quantity supplied.
B. quantity supplied is greater than quantity demanded.
C. demand is greater than supply.
D. supply is greater than demand.
Answer: B
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In the basic two-period model,
A) credit markets have frictions. B) the government borrows at a lower interest rate than do consumers. C) some consumers will always default on their debts. D) consumers do not default on their debts.
Economics competition can have which of the following negative effects on a domestic economy?
A. It drives down wages and profits. B. It increases the profits of domestic suppliers. C. It drives up wages and profits. D. It protects domestic jobs.
Answer the following questions true (T) or false (F)
1. The General Agreement on Tariffs and Trade (GATT) was formed to replace the World Trade Organization (WTO) because the WTO was empowered only to reduce barriers to trade in goods. The GATT is an agreement to reduce barriers to trade in goods, services, and intellectual property. 2. In 1995, the General Agreement on Tariffs and Trade (GATT) was replaced by the World Trade Organization (WTO). 3. Globalization is the process of countries imposing trade restrictions on other countries.
If a country's population is 10 million and its GDP is $113 billion, its per capita output is:
A. $1,130 B. $113,000. C. $113. D. $11,300.