A country that during its entire history has borrowed more from the rest of the world than it has lent to it is a ________, and a country that during its entire history has invested more in the rest of the world than other countries have invested in
it is a ________. A) debtor nation; investor nation
B) borrower nation; creditor nation
C) debtor nation; creditor nation
D) net borrower nation; net lender nation
C
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The price of pens increases from $2 to $2.20. At the same time, the quantity of pens demanded decreases from 100 to 90. Demand for pens is
A) perfectly inelastic. B) inelastic. C) unitary elastic. D) elastic
Structural change influences the unemployment rate and such structural change is created by changes in
A) real GDP. B) technology. C) the minimum wage. D) population. E) the seasons.
Let MC be the marginal private cost per megawatt hour (Mwh) of producing electricity using coal. Let MSC be the marginal social cost per Mwh and T be the tax per Mwh. To achieve efficiency, the tax should be set so that
A) MC = MSC + T. B) MSC = MC + T. C) MC + MSC = T D) MC = T.
If the world price for a good is above a nation's pre-trade equilibrium price, then the nation
A) will export the good. B) will import the good. C) will neither export nor import the good. D) cannot gain from trade. E) Both C and D.