The best estimate for the size of overseas trade as a proportion of national income in 1774 is:
a. 0%-5%.
b. 15%-20%.
c. about 50%.
d. 70%-75%.
b. 15%-20%.
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Airlines that charge higher prices for customers who purchase their tickets at the last minute are:
A. not price discriminating because the cost of the ticket is not the same. B. lowering total economic surplus. C. perfect price discriminators. D. price discriminating by identifying passengers with higher reservation prices.
Which of the following is used to explain why a consumer's willingness to buy a cell phone increases as the number of other people who own and use cell phones increases?
A) network externalities B) diminishing marginal utility C) market failure D) the income effect of a price change
The principle of comparative advantage states that a country should specialize in the production of those goods that have the highest opportunity costs
a. True b. False Indicate whether the statement is true or false
If policy makers wanted to use both monetary and fiscal policy to stimulate demand and reduce a high rate of unemployment, which of the following would be most appropriate?
a. a larger budget deficit and the purchase of securities in the open market b. a government surplus and the sale of securities in the open market c. a larger government deficit and an increase in the discount rate d. a government surplus and a reduction in the discount rate