The meaning of "terms of trade" is
A) the price of a country's exports divided by the price of its imports.
B) the amount of exports sold by a country.
C) the price conditions bargained for in international markets.
D) the quantities of imports received in free trade.
E) the tariffs in place between two trading countries.
A
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If the value of an environmental benefit realized two years from todayis $970.20, and the annual rate of return is 5 percent, then its present discounted value is
a. $924 b. $880 c. $1,018.71 d. $1069.65
If a firm shuts down, it
A) makes zero economic profit. B) incurs an economic loss equal to its total variable cost. C) incurs an economic loss equal to its total fixed cost. D) makes a normal profit. E) might make an economic profit, zero economic profit, or incur an economic loss.
Which of the following would be classified as a personal consumption expenditure?
a. the expenditure of time you gave in volunteering to raise money for a cancer fund b. your purchase of a newly constructed house c. your purchase of a preowned house d. your purchase of one share of Microsoft stock e. your purchase of your economics course
Refer to the graph shown. If hamburgers are produced by a perfectly competitive industry with a market demand D:
A. output will be the same as it would be under monopoly. B. price will equal $6. C. price will equal marginal cost. D. price will be greater than marginal revenue.