"Rivalry" in consumption means that:
A. when one person buys a good, it is not available for another person to buy.
B. there are many buyers of the good.
C. there are multiple sellers of the good.
D. a buyer may purchase goods from multiple sellers.
Answer: A
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Countries engaged in international trade specialize in production based on
A) relative price levels. B) relative foreign exchange rates. C) comparative advantage. D) the differences in transportation costs.
Which of the following is true? a. Real GDP equals nominal GDP divided by the current price level index, times one hundred
b. In periods of inflation, real GDP growth will tend to be greater than nominal GDP growth. c. In a country with a growing population, real GDP could be falling at the same time that real GDP per capita was rising. d. Marrying one's housekeeper would leave reported GDP unchanged.
Each country in NAFTA sets its own tariffs to the rest of the world.
a. true b. false
______ occurs when the Fed buys long-term securities, thus driving down long-term interest rates and encouraging spending.
a. Quantitative speculating b. Quantitative easing c. Qualitative speculating d. Qualitative easing