Which of the following is NOT a feature of a common market?
A) Substantial coordination of macroeconomic policies among the members
B) Free trade in goods and services between the members
C) Common external barriers to trade
D) Factor mobility
A
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How will an increase in the government budget surplus as a result of lower government spending (with no change in net taxes) affect private saving in the economy?
A) Private saving will increase by the amount of increase in the budget surplus. B) Private saving will be unaffected by the increase in the budget surplus. C) Private saving will decrease by less than the amount of increase in the budget surplus. D) Private saving will decrease by the amount of increase in the budget surplus.
The market demand curve for denim jeans is Q = 231 - 45 P + 23 I where P is the product price and I is per-capita consumer income. Which of the following statements about this demand function is NOT true?
A) Denim jeans are normal goods. B) The price elasticity of demand is -45. C) The demand curve is downward sloping. D) The Engel curve for this denim jeans is upward sloping.
The concept of network externalities is most relevant to purchasers of
a. computer software. b. automobiles. c. television sets. d. radios.
The function of money illustrated by the prevailing prices of goods and services is the
A) medium of exchange function. B) unit of account function. C) standard of deferred payments function. D) store of value function.