If we compare income percentages of total income of the lowest quintile in 1968 with 2008, we would find that it was
A. rising.
B. staying about the same.
C. falling.
C. falling.
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The nation of Cranolia used to prohibit international trade, but now trade is allowed, and Cranolia is exporting furniture. Relative to the previous no-trade situation, buyers of furniture in Cranolia are now better off
a. True b. False Indicate whether the statement is true or false
Cartels are difficult to maintain because
a. antitrust laws are difficult to enforce. b. cartel agreements are conducive to monopoly outcomes. c. there is always tension between cooperation and self-interest in a cartel. d. firms pay little attention to the decisions made by other firms.
If the demand for steak increases as income increases, then steak is a(n):
A. normal good. B. inferior good. C. substitute good. D. complementary good.
If a French company exports $2 million of machinery to Italy and French tourists spend $2 million at Italian beaches, the Italian current account balance ________, and the Italian financial account balance ________
A) rises; rises B) rises; is unchanged C) is unchanged; is unchanged D) is unchanged; rises