Deficits and surpluses are commonly calculated as:
A. debt per taxpayer.
B. average debt per state.
C. a percentage of national GDP.
D. absolute values.
C. a percentage of national GDP.
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If an 8 percent decrease in the price of lobster leads to a 15 percent decrease in the quantity of lobster supplied, then the supply of lobster is
A) unitarily elastic. B) elastic. C) unit elastic. D) perfectly inelastic.
Refer to the table above. If you are told that Country B is very much richer than Country A, then the correct answer is
A) country B will export good S. B) country A will export good S. C) both countries will export good S. D) trade will not occur between these two countries. E) both countries will import good S.
Credit
What will be an ideal response?
The transactions demand for money exists because households
A. do not receive their incomes at the same time they wish to make purchases. B. do not like the fact that money is a liquid asset. C. must save for unexpected emergencies. D. are insensitive to interest rate changes.