Suppose that a country with a closed economy opens itself to international trade and becomes a net exporter. In that case, domestic suppliers will supply ________ of that good after it opens itself to international trade.
A. same amount
B. less
C. more
D. none
Answer: C
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Which of the following is likely to happen if a contractionary monetary policy is adopted?
A) Real wages will fall. B) The aggregate price level will increase. C) Equilibrium unemployment will fall. D) The real interest rate will increase.
An economist says: "The demand curve has two interpretations." What does the economist mean?
What will be an ideal response?
If the price index is 108.4 in period 1 and 118 in period 2, the inflation rate from period 1 to period 2 would be _____
a. 10 percent b. 8.9 percent c. 10.8 percent d. 4.2 percent
Intense competition in a market will generally lead to
A) dissatisfaction of consumers about the quality and availability of the product. B) high prices and low quality of the product or service. C) improvements in the quality of the good or service available to consumers. D) production inefficiencies and higher costs.