Both economists and mathematicians have shown there exists at least one set of prices that will clear all markets in a system simultaneously, known as equilibrium price.
Answer the following statement true (T) or false (F)
True
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Country X produces only one good. It produced 12,500 units of a good during a particular year. If the price of the good during that year was $100 and the price of the good during the previous year was $95, the nominal GDP of the country is ________
A) $875,000 B) $1,187,500 C) $2,450,000 D) $1,250,000
A single-price monopolist will produce at the point where
A) MR = 0. B) MR = P. C) MR = MC. D) P = MC.
Which of the following is an example of foreign direct investment?
A) American Airlines builds a hub in China. B) A stock broker from China sells you a Chinese government savings bond. C) You buy a plane that was made in China. D) You purchase a plane ticket to China on American Airlines.
Which of the following are regulations that nations in regional trade blocs establish to delineate product categories eligible for trading preferences?
A) trade quotas B) trade tariffs C) rules of law D) rules of origin