Which of the following is the best example of the "traditional process"?
A) commercial bank mergers
B) minimum age limits for the purchase of alcoholic beverages
C) auctioning U.S. Treasury bills
D) colleges and universities give admissions preferences to children of alumni
D
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As the income of an individual increases, he can afford more leisure. This refers to the ________ of a wage increase
A) income effect B) substitution effect C) transformation effect D) opportunity cost effect
The supply and demand model
a. tries to include as many realistic details as possible in order to provide insights into real-world competitive markets b. uses simplifying assumptions while still providing insights into real-world competitive markets c. uses simplifying assumptions that severely limit its usefulness in practice d. is too complicated to be useful in practice e. is unable to explain price movements in most real-world competitive markets
If the U.S. imposes an import quota on clothing, then the
a. supply of dollars in the market for foreign-currency exchange shifts right. b. supply of dollars in the market for foreign-currency exchange shifts left. c. demand for dollars in the market for foreign-currency exchange shifts right. d. demand for dollars in the market for foreign-currency exchange shifts left.
The current account balance is equal to
A. Total payments made by residents of the United States to foreigners plus total payments made by foreigners to residents of the United States. B. Trade balance + services balance + capital account balance. C. Trade balance + services balance - capital account balance. D. Trade balance + unilateral transfers + net investment income.