Which of the following generation categories has the smallest population in the United States in 2015?
A) generation Y B) the baby boomers C) generation X D) the millennials
B
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Based on the figure below. Starting from long-run equilibrium at point C, a tax increase that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies.
A. D; C B. D; B C. A; B D. B; C
A nation will neither export nor import a specific product when its
A. export supply curve lies above its import demand curve. B. export supply curve is upward-sloping. C. domestic price equals the world price. D. import demand curve is downward-sloping.
The assumption of diminishing returns in the Heckscher-Ohlin model means that, unlike in the Ricardian model, it is likely that
A) countries will not be fully specialized in one product. B) countries will benefit from free international trade. C) countries will consume outside their production possibility frontier. D) comparative advantage will not determine the direction of trade. E) global production will decrease under trade.
The price system has
A) prices fixed by the government. B) prices fixed by the seller. C) voluntary exchange. D) prices fixed by the producer.