The market demand is the
a. sum of all individual demands in a market
b. sum of all individual prices in a market
c. sum of all individual demands and supplies in a market
d. vertical sum of all individual demands
e. horizontal sum of all individual prices
A
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Empirical studies indicate that the maximum amount of air pollution occurs ________ levels of real GDP per person.
A. at the lowest B. at "middle-income" C. equally at all D. at the highest
The rapid growth of China's economy relative to the United States has benefitted U.S. consumers because
A) U.S. consumers can purchase more lower-priced goods made in China. B) competition from China has made jobs harder to find in the United States. C) goods made in China are always of higher quality than goods made in the United States. D) the United States has comparative advantage in more goods than China does.
The Compensating Variation for an increase in the price of a good is
A) the minimum amount of money a consumer would accept to voluntarily accept the price increase. B) the maximum amount of money a consumer would pay to avoid the price increase. C) the change in consumer surplus resulting from a price increase. D) the change in utility resulting from the increase in price.
Special drawing rights (SDRs) are
A) a reserve asset created by the International Monetary Fund that countries can use to settle international payment obligations. B) a liability payment from a branch bank to a nation's central bank. C) a country's surpluses in their fiscal budgets. D) exchanges of gold between nations.