Which of the following are examples of goods that have been subject to voluntary export restraints?
A) Japanese cars and Chinese solar panels
B) Belgian chocolates and French wines
C) French wines and cheeses
D) Japanese sushi and German cars
E) Taiwanese electronics and Canadian barley
A
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The law of demand refers to the: a. decrease in price that results as more units of a product are demanded
b. increase in price that results from an increase in demand for a good of limited supply. c. inverse relationship between the price of a good and the quantity demanded. d. increase in the quantity of a good made available when its price increases.
If the government is supplying a public good, the efficient quantity is where the:
A. total social benefit outweighs the total cost. B. total social benefit equals the cost. C. marginal social benefit is greater than the cost. D. marginal social benefit equals the cost.
The Consumer Price Index basket contains
What will be an ideal response?
Refer to the above figure. At an income of $10,000, saving is
A. $3,000. B. $13,000. C. -$3,000. D. 0.