At the point where the demand and supply curves for a product intersect,
What will be an ideal response?
the quantity that consumers want to purchase and the amount producers choose to sell are the same.
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Suppose that a country with a closed economy opens itself to international trade and becomes a net exporter. In that case, domestic suppliers will supply ________ of that good after it opens itself to international trade.
A. same amount B. less C. more D. none
The purchasing power of money increases as the
A) production increases. B) price level falls. C) demand increases. D) unemployment decreases.
Refer to the accompanying figure.
Based on the figure, the income-expenditure multiplier in the economy illustrated equals:
A. 1,000 B. 0.75 C. 4,000 D. 4
A consumer should increase this/her consumption of good X relative to good Y if:
A. the marginal benefit per dollar spent on good X is greater than the marginal benefit per dollar spent on good Y. B. the marginal benefit per dollar spent on good X is smaller than the marginal benefit per dollar spent on good Y. C. the marginal benefit per dollar spent on good X is the same as the marginal benefit per dollar spent on good Y. D. None of these