Elasticity of demand will ____ as the availability of substitutes ____
a. increase; decreases
b. decrease; increases
c. increase; increases
d. remain unchanged; decreases
c
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A balance of payments deficit is associated with a ________ of international reserves, while a balance of payments surplus is associated with a ________
A) loss; loss B) loss; gain C) gain; loss D) gain; gain
According to conservatives the Bureau of Labor Statistics
A. overstates the number of unemployed and overstates the unemployment rate. B. overstates the number of unemployed and understates the unemployment rate. C. understates the number of unemployed and understates the unemployment rate. D. understates the number of unemployed and overstates the unemployment rate.
Explain the income and substitution effects.
What will be an ideal response?
As a percentage of GDP, imports are greater than exports for which of the following countries?
A) Germany B) Italy C) the Netherlands D) the United States