Countries that are more open to international trade tend to have
A) property rights that are not well defined.
B) higher levels of economic growth.
C) lower levels of physical capital.
D) lower levels of economic growth.
B
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When economists assume that people are rational and respond to incentives, they mean
A) people act with kindness. B) people act in their own self-interest. C) people are altruistic. D) people are selfish.
Higher U.S. interest rates cause the value of the dollar to
A) rise, making U.S. goods relatively cheaper on world markets. B) fall, making U.S. goods relatively cheaper on world markets. C) rise, making U.S. goods relatively more expensive on world markets. D) fall, making U.S. goods relatively more expensive on world markets.
Equilibrium in a competitive market results in the greatest amount of economic surplus from the production of a good or service
Indicate whether the statement is true or false
The price a firm charges may be related to the time of the day when its product is consumed
Indicate whether the statement is true or false