According to data on Pennsylvania agriculture in the 18th century, the average size of a farm _________, while the output per farm ______________
a. increased; decreased
b. decreased; increased
c. decreased; remained fairly stable
d. remained fairly stable; increased
b. decreased; increased
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Holding all else constant, a decrease in the real interest rate on Mexican assets will ________ the supply of dollars in the foreign exchange market and ________ the equilibrium Mexican peso/U.S. dollar exchange rate.
A. increase; decrease B. decrease; increase C. increase; increase D. decrease; decrease
The taxicab fare in Newville is regulated. The fare currently charged is $6 a ride. Newville taxicab drivers want to obtain government's permission to lower the fare, which they think will increase their total revenue
From this we can conclude that the drivers believe that the demand for taxicab rides is A) elastic. B) inelastic. C) unit elastic. D) perfectly inelastic.
If consumer purchases of a good are highly sensitive to the price of the good, this is illustrated by a
What will be an ideal response?
Which of the following statements is TRUE?
a. The HeckscherOhlin model offers a reasonable explanation of the pattern of trade and the gains from trade. b. The HeckscherOhlin trade model does not offer an explanation of the pattern of trade. c. The HeckscherOhlin trade model does not offer an explanation of the gains from trade. d. The Riparian trade model (with labor as the only input) offers a better explanation of the pattern of trade and the gains from trade than the HeckscherOhlin model.