Disposable income
A. decreases when saving increases.
B. increases when net taxes increase.
C. increases when income increases.
D. increases when saving decreases.
Answer: C
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Jenny sells lemonade in front of her house in the summer. Several other kids in Jenny's neighborhood also run lemonade stands in the summer. If the lemonade market is perfectly competitive and Jenny is charging the equilibrium price, then Jenny can increase her revenue if she:
A. keeps the price of her lemonade the same and increases the output. B. decreases the price of her lemonade and doesn't change her output. C. increases the price of her lemonade and decreases her output. D. increases the price of her lemonade and doesn't change her output.
The effects of a decrease in export demand
A) is a powerful argument in favor of fixed rates. B) is a powerful argument in favor of flexible rates. C) shows the difficulties in determining which exchange rate is better. D) is a powerful argument in favor of fixed rates only in the short run. E) is a powerful argument in favor of fixed rates only in the long run.
The reason why countries should specialise in producing a certain product for export is explained by:
(a) The Law of Comparative Advantage; (b) The Law of Absolute Advantage; (c) Both (a) and (b) above. (d) None of the above
A tax imposed on imported goods is a:
A. Tariff. B. Nontariff barrier. C. Quota. D. Supply restriction.