A closed economy refers to an economy in which:
A. all goods are produced and sold domestically.
B. all goods are consumed domestically.
C. intermediate goods are sold domestically.
D. a country exports, but does not allow imports.
A. all goods are produced and sold domestically.
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What is a market? Must a market have a single physical location?
What will be an ideal response?
If the tea harvest is bad in a particular year, the supply of tea will
a. decrease, its price will decrease, and the quantity demanded of coffee will increase b. decrease, its price will increase, and the quantity demanded of coffee will increase c. decrease, its price will increase, and the quantity demanded of coffee will decrease d. decrease, its price will decrease, and the quantity demanded of coffee will decrease e. increase, its price will increase, and the quantity demanded of coffee will increase
If the MPC = 0.9 and a household obtains $20,000 more dollars then how much would the household spend of the additional $20,000?
A. $20,000 B. $2,500 C. $17,500 D. $18,000
The longer the time frame of analysis, the easier it is to make adjustments in production by switching production methods and/or building or closing down production facilities
a. True b. False Indicate whether the statement is true or false