For any given country, the net capital outflows to all other countries equal:
A. net foreign direct investment to all other countries.
B. net exports to all other countries.
C. national savings.
D. net capital inflows from all other countries.
Answer: B
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Eighteenth century declines in Atlantic and Caribbean shipping costs were due to:
a. the reduction in armaments on commercial vessels. b. decreased crew sizes. c. falling insurance rates. d. reduced layover times in ports. e. All of the above.
The price elasticity of demand tells us about
a. The sensitivity of price to quantity b. The sensitivity of quantity to price c. The sensitivity of income to price d. The sensitivity of income to quantity
In the "classical" region of the aggregate supply curve,
A. the economy is at the maximum output level, so only the composition of output can be changed, the quantity of output cannot be increased. B. the economy is on the production possibilities frontier. C. attempts to expand output will result in increases in both prices and output. D. the economy is at the maximum output level, so only the composition of output can be changed, the quantity of output cannot be increased AND the economy is on the production possibilities frontier.
Suppose Cournot duopolists firms (A and B) face the same market demand curve, and initially have identical costs. Firm A figures out a way of reducing its marginal cost. At the new Nash-Cournot equilibrium,
A) firm A's price falls. B) firm A's output expands and firm B's output contracts. C) firm B's profits expand. D) the price charged by both firms increases.