The supply and demand mechanism will bring an international market into equilibrium
a. at a price below the domestic price in an exporting country
b. where domestic supplies are less than domestic demand in an exporting country.
c. with an exporting nation's price higher than the importing nation's price.
d. when the quantity of exports supplied by the exporters beyond their domestic consumption is equal to the quantity of imports demanded by the importers.
d
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When the quantity demanded of a good exceeds the quantity supplied of the good at the prevailing market price, _____.
A) the market will be in equilibrium. B) the price of the good will decrease. C) the price of the good will tend to increase. D) the demand curve will shift rightward until the surplus is eliminated. E) the supply curve will shift leftward until the surplus is eliminated.
Between 1880 and 1896 the average level of prices in the U.S. economy
a. fell 23 percent. b. fell 4 percent. c. rose 23 percent. d. rose 50 percent.
Suppose the price elasticity of supply for crude oil is 2.5. How much would price have to rise to increase production by 20 percent?
A. 45 percent B. 12.5 percent C. 20 percent D. 8 percent
Something becomes money only if
A) people use it as a general medium of exchange. B) it is backed by another commodity, typically gold or silver bullion. C) the central government says it's money. D) it promises to pay the bearer a fixed quantity of a scarce metallic good.