Based on export ratios, which of the following countries is closest to being a closed economy?
A. Saudi Arabia.
B. Samoa.
C. Belgium.
D. China.
Answer: B
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Compared to prices charged by Uber, traditional taxi companies charge government-regulated prices. These government-regulated prices ________ in the market for shared rides
A) decrease producer surplus B) decrease consumer surplus C) increase consumer surplus D) decrease deadweight loss
What is measured by the ratio of export prices to import prices?
a. The terms of trade b. The productivity ratio c. The trade standards d. The gains from trade e. The balance of trade
If firms were charged the full social opportunity cost of the resources they used, there would be
A. A need for government intervention. B. Market failure. C. No external costs. D. Government failure.
If the percentage change in the quantity demanded of a good is greater than the percentage change in price, price elasticity of demand is:
A. elastic. B. inelastic. C. perfectly inelastic. D. perfectly elastic.