Everything else constant, a stronger dollar will mean that
A) vacationing in England becomes more expensive.
B) vacationing in England becomes less expensive.
C) French cheese becomes more expensive.
D) Japanese cars become more expensive.
B
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A particular good is not scarce when
A) everyone is able to purchase as much of the good as they wish to purchase. B) it is available in large enough quantities to meet everyone's needs. C) no one must sacrifice anything to obtain more of the good. D) there is a surplus of the good.
Free trade and globalization is generally believed
A) to cause a degradation in the world's environment. B) to improve the environment by correcting for distortions caused by import competing policies. C) to help spread the best of each country's culture, so as to uplift global cultural standards. D) to help each country safeguard the best of its own culture. E) to make no difference in the economic welfare of the world.
The data show that the American national income grew fast enough—even when immigration rates are taken into account—to produce rising income per capita between 1860 and 1910
Indicate whether the statement is true or false
For a given set of prices, two consumers choose bundles that are off the contract curve. In a competitive market,
A) prices will adjust until the consumers choose bundles that are on the contract curve. B) the indifference curves will shift back to the contract curve. C) the contract curve will shift to connect these bundles. D) no adjustments need to be made.