Refer to the table below. At what price will Country X import 100 units of the product?
Use the following table for Country X to answer the question below. Column 1 of the table is the price of a product. Column 2 is the quantity demanded domestically (Qdd) and Column 3 is the quantity supplied domestically (Qsd).
A. $4.00
B. $3.00
C. $2.00
D. $1.00
C. $2.00
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Economists use the ceteris paribus assumption primarily in order to
A) make their analyses easier for them to conduct. B) designate what they believe is the correct relationship between two variables. C) explain why people sometimes consume more of a good when its price rises. D) explain why those things that come first do not necessarily cause those things that come later. E) designate the difference between normative and positive economics.
The economic argument supporting free trade is based on the principle of
a. absolute advantage. b. comparative advantage. c. protection. d. tariffs and quotas.
In December 2009, currency outside of banks was $400 billion, traveler's checks were $5 billion; checkable deposits owned by individuals and businesses were $600 billion, saving deposits were $2,000 billion, time deposits were $1,500 billion; and
money market funds were $1,200 billion. What was the M2 in December 2009? A) M2 = $5,705 billion B) M2 = $3,705 billion C) M2 = $1,005 billion D) M2 = $2,505 billion E) M2 = $5,700 billion
Voluntary exchange increases economic efficiency
A) because neither the buyer nor the seller would agree to a trade unless they both benefit. B) because voluntary exchange only takes place with government permission. C) because it allows wealthy individuals to act altruistically and give to the poor. D) because it is free and consequently does not cost anything.