The single largest expenditure by state and local governments is on
a. highways.
b. police.
c. public welfare.
d. education.
d
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If the income elasticity of a particular good is negative 0.2, it would be considered
A) a superior good. B) a normal good. C) an inferior good. D) an elastic good.
In the following question you are asked to determine, other things equal, the effects of a given change in a determinant of demand or supply for product X upon (1) the demand (D) for, or supply (S) of, X; (2) the equilibrium price (P) of X; and (3) the
equilibrium quantity (Q) of X. Refer to the given information. A reduction in the number of firms producing X will: A. increase D, increase P, and increase Q. B. increase S, decrease P, and increase Q. C. decrease S, increase P, and decrease Q. D. decrease S, decrease P, and increase Q.
Current account transactions are all payments that are related to the purchase or sale of
A. goods and services only. B. services only. C. goods and services excluding government purchases. D. goods only.
At the core of the American trade problem is that
A. Americans spend too much on consumption. B. the dollar is too low. C. the Japanese are excluding American products by means of high protective tariffs. D. American manufacturers are too quality conscious and should instead concentrate on reducing costs.