Trade is promoted by
A) having a self-interested population.
B) proper incentives.
C) the presence of property rights.
D) all of these choices.
D
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Consider an economy with only two goods: bread and wine. In 1982, the typical family bought 4 loaves of bread at 50¢ per loaf and 2 bottles of wine for $9 per bottle. In Year X, bread cost 75¢ per loaf and wine cost $10 per bottle. The CPI for Year X (using a 1982 base year) is:
a. 100. b. 115. c. 126. d. 130.
If the risk of buying U.S. assets rises because it is discovered that lending institutions had not carefully evaluated borrowers prior to lending them funds, then
a. the real exchange rate and the interest rate will rise. b. the real exchange rate will rise and the interest rate will fall. c. the real exchange rate will fall and the interest rate will rise. d. the real exchange rate and the interest rate will fall.
Using the data in the above table, if income is on the x-axis and the amount spent on restaurant meals is on the y-axis, the graph of the two variables would be
A) upward sloping. B) downward sloping. C) vertical. D) horizontal.
Explain why demand for a monopolistically competitive firm's product is more elastic than the demand curve that a monopolist faces
What will be an ideal response?