If tastes for foreign goods and services go up, then we would expect imports to:
A. decrease.
B. increase and then sharply decrease more.
C. remain constant.
D. increase.
Answer: D
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A Nash equilibrium is defined as
A) earning zero economic profit in the long run. B) forming a cartel with strong penalties for cheaters. C) relying on other game players to realize the benefit of cooperation. D) each player taking the best possible action given the action of the other player. E) each player taking the action that is best for all the players.
Billy is running a fast-food burger stand in his small community. If he is like other monopolistic competitors in short-run equilibrium which of the following would be true? a. His demand curve would be downward sloping
b. His marginal revenue curve would lie below his demand curve. c. He would be maximizing profits where his MC = MR. d. All of the above would be characteristics of Billy's burger stand.
Lewis has $5,000 worth of bonds in Farrell’s Seed Company. Bonnie has 10,000 shares of preferred stock in the company, Jeff has 100,000 shares of common stock, and Val has 1 share of common stock. If Farrell’s Seed Company goes out of business, which obligation will it be required to meet first?
a. paying Bonnie the full value of her preferred stock b. paying Jeff the dividends on his common stock c. paying Lewis the full value of his bonds d. paying Val the full value for her share of common stock
Liquidity is:
A. sufficient liabilities to cover long-run assets. B. having assets that can be readily converted into cash. C. having liabilities that can be readily converted into cash. D. sufficient assets to cover long-run liabilities.