An example of a good that is rival in consumption is:
A. an air show over the whole city.
B. a floral display at a large university's graduation ceremony.
C. a scientific discovery that allows florists to grow flowers to which no one is allergic.
D. a Big Mac.
Answer: D
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Using the table above, if the current market value of the dollar is 90 francs
A) investor A expects dollar appreciation, but B and C expect depreciation. B) investor C expects dollar depreciation, but A and B expect appreciation. C) all three investors expect the dollar to appreciate. D) all three investors expect the dollar to depreciate.
Refer to the table above. France has absolute advantage in
A) grapes. B) textiles. C) both grapes and textiles. D) neither grapes nor textiles.
The quantity of aggregate goods and services demanded rises when the
a. price level rises, because the interest rate rises. b. price level rises, because the interest rate falls. c. price level falls, because the interest rate rises. d. price level falls, because the interest rate falls.
In 2003, Congress passed a substantial cut in income taxes. The Federal Reserve also lowered interest rates. How can these two actions be categorized?
A) Both actions can be categorized as fiscal policy. B) Both actions can be categorized as monetary policy. C) The tax cut can be categorized as monetary policy and the lowering of interest rates can be categorized as fiscal policy. D) The tax cut can be categorized as fiscal policy and the lowering of interest rates can be categorized as monetary policy.