Which of the following reasons best explains why Julio mows his lawn, cleans up trash in his yard, paints his shutters, and does other maintenance projects on his house?
A. Scarcity
B. Opportunity cost
C. Property rights
D. Specialization and trade
Answer: C
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Use the following diagram to answer the next question.
Suppose the economy currently can be described by NX3. What can we conclude?
A. Both imports and exports are negative. B. Exports are negative and imports are positive. C. The value of exports exceeds the value of imports. D. The value of imports exceeds the value of exports.
Imports into the U.S. increased when
(a) deflation in the U.S. occurred. (b) real wages and incomes rose in the U.S. (c) the International Trade Commission was established. (d) all of the above occurred.
Suppose market demand and supply are given by Qd = 100 - 2P and QS = 5 + 3P. If a price ceiling of $15 is imposed, what will be the resulting full economic price?
A. $25. B. $6. C. $21. D. $19.
The principle of diminishing returns in capital implies that a country that lost much of its capital during a war will:
A) grow more slowly than its enemy during the war. B) never catch up with countries that never go to war. C) keep it from being permanently rich. D) experience a higher growth rate than before the war.