If a country has a trade surplus of $40 billion, which of the following can be true?
A. The country's exports are $120 billion, and its imports are $140 billion.
B. The country's exports are $140 billion, and its imports are $40 billion.
C. The country's exports are $110 billion, and its imports are $150 billion.
D. The country's exports are $160 billion, and its imports are $120 billion.
Answer: D
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If your income goes up by 2% and, in response, the quantity demanded of good x falls by 3%, the good x can be considered
a. An inferior good b. A normal good c. A public good d. A private good
A decrease in the price of the output will decrease the firm's demand for labor
a. True b. False Indicate whether the statement is true or false
In economics, the concept that individuals are motivated by self-interest and respond predictably to opportunities is known as
A) rational behavior. B) altruism. C) normative bias. D) empiricism.
Refer to the information provided in Figure 6.5 below to answer the question(s) that follow.
Figure 6.5Refer to Figure 6.5. Molly's budget constraint is BD. Molly's income is $375, the price of a DVD is $15 and the price of a CD is $25. At point D she is buying ________ DVDs and ________ CDs.
A. 25; 15 B. 0; 15 C. 25; 0 D. 50; 30