Hong Kong and Singapore both have relatively
a. high trade barriers and high rates of economic growth.
b. high trade barriers and low rates of economic growth.
c. low trade barriers and high rates of economic growth.
d. low trade barriers and low rates of economic growth.
C
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Inflation is
A) a decline in the total purchasing power of an economy. B) a decrease in the amount of other goods that a unit of money will purchase. C) a fall in people's real incomes. D) an increase in the cost of living. E) all of the above.
A private cost is a cost of production that is borne by the
A) consumer of the good. B) producer of the good. C) government. D) consumer of the good and the government.
For a commodity to function effectively as money it must be
A) easily standardized, making it easy to ascertain its value. B) difficult to make change. C) deteriorate quickly so that its supply does not become too large. D) hard to carry around.
In the above figure, if the firm is producing Q1 units at a price P1, the firm should
A) increase output and decrease price. B) decrease output and increase price. C) not change output or price. D) shut down.