Within rich economies, there is strong evidence of convergence ________
A) for regions within a country
B) with developing economies
C) leading to military conflict
D) of capital stocks, rather than output
A
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The United States imports t-shirts from Asia. As a result, U.S. consumers pay ________ otherwise and Asian producers receive ________ otherwise
A) a higher price than; a higher price than B) a higher price than; a lower price than C) a lower price than; a higher price than D) a lower price than; a lower price than E) the same price as; the same price as
A demand curve is a graphical representation of
A. relative prices. B. consumer tastes. C. national income. D. the demand schedule.
If the exchange rate between the United States and Mexico changes from $1 = 100 pesos to $1 = 5 pesos, ceteris paribus
A. U.S. imports from Mexico increase. B. U.S. exports to Mexico increase. C. the trade deficit in the United States increases. D. Mexican exports to the United States increase.
In a free-market economy, a product that entails a positive externality (additional social benefit) will be
A. overproduced. B. produced at the optimal level. C. underproduced. D. provided solely by the government.