If a country does not engage in trade with other countries, it is known as
A. A closed economy.
B. A trade deficit economy.
C. A trade surplus economy.
D. An open economy.
Answer: A
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Refer to the scenario above. If Mary prefers fairness to money, ________
A) she will not accept any offer that Beth makes B) she will accept any offer that Beth makes C) she will accept the offer only if Beth offers her $2,500 D) she will accept the offer only if Beth offers her $5,000
Explain what the slope of the income consumption curve shows about the income elasticity of demand
What will be an ideal response?
U.S. GDP increased from $12.5 trillion in 2005 to $14 trillion in 2009. This means that:
A. people in the U.S. produced more goods and services in 2009 than in 2005. B. the prices of all goods and services were higher in 2009 than in 2005. C. Either of these could be true. D. Both of these must be true.
A(n) ________ is an effort to kick-start the economy by increasing government spending or lowering interest rates.
A. speculative bubble B. austerity measure C. financial crisis D. economic stimulus