Firms in industrial countries find a larger market for their goods in other industrial countries than in developing countries because:
a. the consumption patterns in the industrial countries are highly heterogeneous.
b. the trade policies of the industrial nations are more favorable than the developing countries.
c. the industrial countries tend to have a higher population than the developing countries.
d. the industrial countries are capital intensive countries.
e. the consumption patterns in the industrial countries are more or less uniform.
e
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The Federal Reserve
a. prints money for use by individuals during transactions. b. is a nation's monetary authority, responsible for controlling the money supply. c. issues government debt. d. makes loans and takes deposits from individuals. e. collects taxes from corporations only while the Treasury Department collects personal income and Social Security taxes.
For almost all goods, the:
A. higher the price goes, the higher the quantity demanded. B. lower the price goes, the higher demand is. C. higher the price goes, the more luxurious it is. D. lower the price goes, the higher the quantity demanded.
Suppose a farmer raising beef is making a normal profit. Then, because of a scare about mad cow disease, the demand for beef decreases drastically. What happens to the profits of the beef farmer in the short run and in the long run?
What will be an ideal response?
Why isn't slope as useful as elasticity to measure the responsiveness of one variable to another?
What will be an ideal response?