A trade deficit means a net:
A. Inflow of payments for goods and services
B. Outflow of goods and services
C. Inflow of goods and services
D. Excess of exports over imports
C. Inflow of goods and services
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A country who has a trade deficit:
A. imports less than it exports. B. has a negative trade balance. C. sells more goods at home than it sells abroad. D. requires more trade in order to solve a budgetary deficit.
An oligopoly is a market structure in which there
a. are no good substitutes produced within the industry, giving each firm substantial market share b. are perfect substitutes produced within the industries, giving each firm only partial market share c. are monopolies competing to create monopolistic competition in the short run and oligopoly in the long run d. are at least 25 firms producing an identical good e. are only a few firms in the industry
What is the marginal propensity to consume (MPC) and why is it important in predicting consumer behavior?
Suppose that the income elasticity of demand for good X is greater than 1. Other things being equal, which of the following statements is incorrect?
A. Good X is a normal good. B. The quantity demanded of good X decreases as a consumer's income declines. C. A consumer buys more X as income rises, but the share of income spent on good X falls. D. A consumer buys more X as income rises and the share of income spent on good X also rises.