How does the United States compare to other advanced, industrialized economies on the issue of openness?
a. It is completely closed.
b. It is one of the less open of them.
c. It is about average in openness.
d. It is one of the more open of them.
e. It is the most open of them.
b
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The demand for loanable funds curve shows that the higher the real interest rate, the
A) more the loanable funds demand curve shifts leftward. B) smaller the demand for loanable funds. C) smaller the quantity of loanable funds demanded. D) larger the demand for loanable funds. E) larger the quantity of loanable funds demanded.
When the supply elasticity of a product is 2.5, a 10 percent decrease in price will _____ the quantity supplied of the product by _____ percent
a. increase; 25 b. decrease; 25 c. increase; 2.5 d. decrease; 2.5 e. decrease; 4
Which of the following is true of the relationship between price and quantity supplied? a. Whatever the price level, quantity supplied is equal to quantity demanded. b. More is supplied at lower prices. c. As the price rises, consumers are willing to purchase more of the good supplied. d. Except for market-day supply, an increase in price generates an increase in quantity supplied
e. An increase in price leads to a decrease in quantity supplied.
The best example of a durable good is
a. food b. clothing c. tobacco d. gasoline e. an automobile