Which of the following states that any trade concession given to any foreign country must be given to all other countries having the same status?
A. The purchasing power parity theory
B. The most favored nation principle
C. The principle of reciprocity
D. The structural adjustment program
Answer: B
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Antony's Pizza uses the same dough, sauce, and cheese for pizza and calzones. When the price of pizza is low Antony produces more calzones. For Antony, the supply of pizza is ________ compared to the supply at a pizza restaurant that does not serve calzones.
A. higher B. lower C. less price elastic D. more price elastic
When Sidney's Sweaters, Inc makes exactly zero economic profit, Sidney, the owner
A) is taking a loss. B) will shut down in the short run. C) makes an income equal to his best alternative forgone income. D) will boost output.
The equation of exchange ________
A) states that the quantity of money multiplied by velocity must equal nominal income in a given year B) describes a relationship that is true by definition C) shows that real GDP must equal real money balances times the number of times a dollar turns over in a year D) all of the above E) none of the above
If buyers' tastes and preferences shift in favor of a good, the result is
a. an increase in quantity demanded b. an increase in demand c. an increase in quantity demanded and an increase in supply d. a decline in supply e. an increase in supply