In an open economy, the price of a bike is ________.
A. $100
B. $140
C. $40
D. $20
Answer: B
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Labor productivity increases with
A) increases in consumption expenditure. B) increases in depreciation. C) increases in capital. D) All of the above answers are correct.
What is the real exchange rate? What is its relationship to the current account?
What will be an ideal response?
If a firm decreases the price of a good and total revenue decreases, then
A) the demand for this good is price elastic. B) the demand for this good is price inelastic. C) the cross elasticity is negative. D) the income elasticity is less than 1.
The basic difference between macroeconomics and microeconomics is that:
a. microeconomics looks at the forest (aggregate markets) while macroeconomics looks at the trees (individual markets). b. macroeconomics is concerned with groups of individuals while microeconomics is concerned with single countries. c. microeconomics is concerned with the trees (individual markets) while macroeconomics is concerned with the forest (aggregate markets). d. macroeconomics is concerned with generalization while microeconomics is concerned with specialization.