Refer to the information provided in Figure 20.1 below to answer the question(s) that follow.
Figure 20.1Refer to Figure 20.1. Which of the following statements is true?
A. Only the United States should produce alfalfa.
B. Only Canada can benefit from trade.
C. Both countries should produce both products.
D. Only Canada should produce alfalfa.
Answer: A
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In the above figure, if D2 is the original demand curve for a normal good and income decreases, which price and quantity might result?
A) point a, with price P2 and quantity Q2 B) point b, with price P1 and quantity Q1 C) point c, with price P3 and quantity Q3 D) point d, with price P1 and quantity Q3
The smaller the fraction of an investment financed by borrowing,
A) the smaller the potential return and the greater the potential loss on that investment. B) the greater the potential return and potential loss on that investment. C) the greater the potential return and the smaller the potential loss on that investment. D) the smaller the potential return and potential loss on that investment.
We limit ourselves to two periods in the intertemporal model of the business cycle because
A) we need to concentrate on the two phases of the business cycle. B) we can assume that people can live two periods of, say, 30 years. C) this is all we need to emphasize the intertemporal trade-off. D) we need an even number of periods.
A price control always benefits consumers
a. True b. False Indicate whether the statement is true or false