A closed economy is a national economy that
A) doesn't interact economically with the rest of the world.
B) has a stock market that is not open to traders from outside the country.
C) has extensive trading and financial relationships with other national economies.
D) has not established diplomatic relations with other national economies.
A
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Marginal utility tends to fall as a person increases his or her consumption
a. True b. False Indicate whether the statement is true or false
A mortgage loan made to a borrower with a low credit score is called a:
A. hi-risk mortgage loan. B. prime mortgage. C. subprime mortgage. D. bundled financial loan.
When new firms have an incentive to enter a competitive price-taker market, their entry will
a. increase the price of the product. b. drive down profits of existing firms in the market. c. shift the market supply curve to the left. d. increase demand for the product.
For what type of good do the substitution and income effects work in opposite directions?
A. Normal goods B. Inferior goods C. Giffen goods D. The substitution and income effects never work in opposite directions.