Which of the following represents the demand for domestic goods?
A) C + I + G
B) C + I + G + X
C) C + I + G - ?IM
D) C + I + G + X + ?IM
E) C + I + G + X - IM/?
E
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Why is the competitive equilibrium price often referred to as the market clearing price?
What will be an ideal response?
Are federal budget deficits related to trade deficits?
A) Yes. Higher deficit spending goes up resulting in more government borrowing, and foreign residents who lend funds to the U.S. government have fewer resources to spend U.S. export goods. B) Yes, but only if the quality of U.S. goods and services is deteriorating. C) Yes. If U.S. consumers buy too many imported goods, they do not have funds to save, and a budget deficit results. D) No. The budget deficit is entirely a domestic matter, while the trade deficit only affects U.S. citizens who travel abroad.
If an Engel curve has a positive slope
A) both goods are normal. B) the good on the horizontal axis is normal C) as the price of the good on the horizontal axis increases, more of both goods in consumed. D) as the price of the good on the vertical axis increases, more of the good on the horizontal axis is consumed.
The difference between the average total cost and the average fixed cost is the average variable cost
Indicate whether the statement is true or false