When the dollar value of a country's imports of final products is less than the dollar value of its exports, the country has a
A. balance of trade deficit.
B. budget surplus.
C. budget deficit.
D. balance of trade surplus.
D. balance of trade surplus.
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Good A and good B are substitutes in production. The demand for good A increases so that the price of good A rises. The increase in the price of good A shifts the
A) demand curve for good B leftward. B) demand curve for good B rightward. C) supply curve of good B leftward. D) supply curve of good B rightward.
Consumer equilibrium exists when the marginal utility per dollar of expenditure is the same for all goods and services
a. True b. False Indicate whether the statement is true or false
Suppose an airline ticket from Portland to Orlando costs $760 . A bus ticket costs $360 . Traveling by plane will take 6 hours, compared with 26 hours by bus. Other things constant, the minimum value of one's time that would induce a rational individual to fly rather than drive would be
a. $18 per hour. b. $20 per hour. c. $38 per hour. d. $44 per hour.
In response to the financial crisis of 2007-2009, the Federal Reserve
A. raised the fed funds rate from 2.0 percent to 5.25 percent. B. raised the discount rate from 2.0 percent to 5.25 percent. C. cut the fed funds rate from 5.25 percent to 2.0 percent. D. cut the discount rate from 5.25 percent to 2.0 percent.