Which of the following statements is true?
A) If the domestic price of a good in a country is higher than the world price, the country will become an exporter of the good.
B) Whether a country becomes an importer or an exporter of a good depends only on the domestic price of the good and is independent of the world price of the good.
C) If the domestic price of a good in a country is higher than the world price, the country will become an importer of the good.
D) Whether a country becomes an importer or an exporter of a good depends only on the world price of the good and is independent of the domestic price of the good.
C
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The price of a bus ride decreases, and the total revenue of the bus company decreases. The demand for bus rides is ________
A) perfectly elastic B) inelastic C) unit elastic D) elastic but not necessarily perfectly elastic
Which area in the above figure shows the consumer surplus at the price and quantity that would be set by a single-price monopoly?
A) A + B B) A + B + C + D + E C) C + D D) C + D + E + F + G + H
The saving function is
A) cY. B) Y - T. C) (1 - c)(Y - T). D) -a + (1 - c)(Y - T).
The concept of inequality
A. has no economic meaning. B. applies to low income countries only. C. is an extension of relative poverty. D. is only a theoretical concept.