What is the difference between imports and exports?
What will be an ideal response?
Imports are goods and services bought domestically but produced in other countries.
Exports are goods and services produced domestically but sold in other countries.
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Refer to the production function. The total product at 4 units equals ________ units
Fill in the blank(s) with correct word
Refer to the table that presents Mike and Janet's demand for apples by the bushel. If they are the only two in the market, a market demand curve derived from this data would show quantity demanded is:Price per peckMike Quantity in pecksJanet Quantity in pecks$1226$2183$3140$4100$560
A. 21 at price = $1 and 17 at price = $2. B. 22 at price = $1 and 18 at price = $2. C. 28 at price = $1 and 21 at price = $2. D. 21 at price = $1 and 28 at price = $2.
The deposit creation formula can be defined as
a. one minus the required reserve ratio. b. the same as the GDP income multiplier. c. the reciprocal of the required reserve ratio. d. one plus the required reserve ratio.
The "crowding-out effect" suggests that
A. tax increases are paid primarily out of saving and therefore are not an effective fiscal device. B. increases in government spending financed through borrowing will increase the interest rate and reduce private investment. C. it is very difficult to have excessive aggregate spending in our economy. D. consumer and investment spending always vary inversely.