An export is a product:
A. produced in and purchased by residents of the home country.
B. produced in and sold to the residents of a foreign country.
C. produced in the home country and sold in another country.
D. produced in a foreign country and purchased by the residents of the home country.
Answer: C
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________ is concerned with the distribution of resources across society
A) Social surplus B) Equity C) Efficiency D) Utility
An individual's need for liquidity would increase if
A) the average value of transactions carried out by the individual fell. B) the average value of transactions carried out by the individual rose. C) the individual got a raise. D) the individual received a new ATM card. E) the individual wanted to avoid risks.
Over the last 30 years, the income gap between the rich and the poor has declined
a. True b. False Indicate whether the statement is true or false
Figure 2-10
Movement from point K on the production possibilities curve for food and clothing in , to point J inside the curve could be the result of
a.
an increase in opportunity costs
b.
supply and demand
c.
greater efficiency
d.
a decrease in the population
e.
an increase in unemployment