If a country's GDP increases and all other variables remains constant, ________
A) its income per worker will increase
B) its income per capita will fall
C) its GNP will fall
D) its trade surplus will increase
A
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When a market is in equilibrium, both buyers and sellers do not perceive a benefit from changing their behavior. Why?
What will be an ideal response?
If you observe a market where quantity demanded doesn't equal quantity supplied, a logical conclusion is that:
A. the fallacy of composition is not operative in the market. B. social and political forces are likely to exist. C. the law of demand and supply do not hold in the market. D. the invisible hand is the only force at work in the market.
In developed countries, tariffs on raw materials tend to be
A) highest of all. B) higher than on manufactured goods. C) equal to tariffs on manufactured goods. D) lower than on manufactured goods.
The income velocity of money is
A) the time it takes to produce money. B) the time lag from when the Fed decides to increase the money supply until the effect takes place. C) the number of times per year a dollar is spent on final goods and services. D) the time it takes for monetary policy to have an effect on world financial markets.