If a resource is in fact becoming scarcer, then one should expect
A. the price of the resource to rise.
B. less demand for the resource as people try to conserve.
C. greater supply as people reduce inventories before it is all gone.
D. the quantity supplied to increase.
Answer: A
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If consumption is defined as C = 1,350 + 0.6Y, then the marginal propensity to consume is 0.6
Indicate whether the statement is true or false
The pattern of protection in industrial countries is particularly harmful to the interests of
A) low-income developing countries. B) high-income industrial countries. C) Asian nations. D) European nations. E) None of the above.
The objectives of monetary policy are ________.
What will be an ideal response?
Refer to Figure 18.1. With free trade, how many gloves are produced domestically in Duckland?
A. 100 B. 80 C. 60 D. 0