If exports and imports:
a. are imbalanced, then a trade surplus exists
b. are imbalanced, then a trade deficit exists
c. are equal, then trade is balanced
d. are equal, then the economy is unhealthy
c. are equal, then trade is balanced
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Suppose the price elasticity of demand for cigarettes is -0.4. The FDA decides to regulate tobacco production, which increases the price of cigarettes and causes the quantity of cigarettes demanded to decrease by 25 percent
What is the percentage increase in price which would lead to the 25 percent decrease in quantity demanded? If the price elasticity was -4, what would be the percentage increase in price?
For teenagers, a 10 percent increase in the price of cigarettes leads to a
a. 1 percent reduction in the quantity demanded of cigarettes. b. 4 percent reduction in the quantity demanded of cigarettes. c. 10 percent reduction in the quantity demanded of cigarettes. d. 12 percent reduction in the quantity demanded of cigarettes.
What does market power refer to?
a) the side effects that may occur in a market b) the government regulations imposed on the sellers in a market c) the ability to influence price d) the forces of supply and demand in determining equilibrium price
Charging different prices to different individuals or groups for the same product is called:
A. price discrimination. B. price differentiation. C. quantity discrimination. D. market segmentation.