Question 1.Graph What is the price of cars if this is a nontrading (closed) economy?
a. $6,000 per car
b. $8,000 per car
c. $10,000 per car
d. $14,000 per car
d. $14,000 per car
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In the United States in 2014, the highest marginal tax rate for individual income taxes was 39.6%
Indicate whether the statement is true or false
Which of the following explains why a firm would be interested in knowing the price elasticity of demand for a good it sells?
A) The price elasticity of demand can be used to determine the impact of changes in income on quantity sold. B) Knowing the price elasticity of demand allows the firm to calculate how changes in the price of the good will affect the firm's total profit. C) The price elasticity of demand allows the firm to calculate how changes in the price of the good will affect the firm's total revenue. D) Knowing the price elasticity of demand allows the firm to determine how the cost of producing additional units of the good will change.
Which of the following is considered a nonrenewable resource?
A. Natural gas B. Sunlight C. Rivers D. Wind
If the budget deficit increases, then
a. U.S. residents will want to purchase more foreign assets and foreign residents will want to purchase more U.S. assets b. U.S. residents will want to purchase more foreign assets and foreign residents will want to purchase fewer U.S. assets c. U.S. residents will want to purchase fewer foreign assets and foreign residents will want to purchase more U.S. assets d. U.S. residents will want to purchase fewer foreign assets and foreign residents will want to purchase fewer U.S. assets