Consumer spending is spending by ________ households on final goods and services produced ________
A) domestic; domestically and abroad
B) domestic; domestically
C) domestic and foreign; domestically and abroad
D) domestic and foreign; domestically
A
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Refer to Table 16-3. If Julie charges $10 per hour, how many hours of pet sitting services will be purchased and by whom?
A) 3 hours (1 hour each by Arun, Bernice, and Cara) B) 2 hours (1 hour by Cara and 1 hour by Dawn) C) 1 hour by Cara only D) 1 hour by Dawn only
One point on a market supply curve represents $4 and 100 units quantity supplied. If there are three suppliers, and at a price of $4 one of the suppliers supplies 23 units, then which of the following combinations of price and quantity supplied might hold for the other two suppliers?
A) At $4, quantity supplied could be 40 units for one supplier and 27 for the other. B) At $4, quantity supplied could be 33 units for one supplier and 27 for the other. C) At $4, quantity supplied could be 40 units for one supplier and 37 for the other. D) At $4, quantity supplied could be 77 units for one supplier and 10 for the other. E) There is not enough information to answer this question.
According to most economists, the development of markets is:
A. both a necessary and a sufficient condition for development. B. a sufficient condition for development but not a necessary condition. C. a necessary condition for development but not a sufficient condition. D. neither a necessary nor a sufficient condition for development.
A customs union will increase the welfare of its members and the rest of the world if:
a. trade creation is greater than trade diversion. b. trade creation is less than trade diversion. c. trade creation is positive. d. trade diversion is positive.