A relative measure of the importance of trade is
A) the dollar value of trade.
B) trade as a percentage of GDP.
C) the dollar value of trade adjusted for inflation.
D) trade as a percentage of investment.
B
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"Income elasticity of demand is always positive." Do you agree or disagree? Explain
What will be an ideal response?
The cost of consumption has two components:
a. the substitution effect and the income effect b. the law of demand and the law of diminishing marginal utility c. the price effect and the income effect d. the money price and the time price e. saving and taxes
Which of the following is not held constant when moving along a product's demand curve? a. The price of the product itself
b. The expected price of the product in the near future. c. Income. d. Prices of complementary goods. e. Prices of substitutes.
Which of the following statements about labor union membership is true?
a. The percentage of workers in union jobs has risen sharply. b. The private sector has the highest percentage of union workers. c. The percentage of union workers in the public sector remains high. d. Traditionally, manufacturing industries have had few union members.