Which of the following equations is always correct in an open economy?
a. NX = Y - C - G - I
b. NX = S - I
c. NX = NCO
d. All of the above are correct.
d
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If Australia has more land per worker, and Belgium has more capital per worker,then if trade began between these two countries
A) the real income of landowners in Belgium would decline. B) the real income of capital owners in Australia would increase. C) the real income of labor in Australia would decline. D) the real income of labor in Belgium would decline. E) the real income of labor in both countries would decline.
After a decision is completed (particularly a consumer decision) and is being evaluated, _______ may happen
a. Postpurchase dissonance b. Alternative sorting c. Recriminations d. Retaining the status quo
Which of the following is the best definition of the minimum-wage rate?
a. a wage set through collective bargaining b. the wage that equalizes the quantity demanded and quantity supplied of labor c. a higher wage set in order to improve productivity d. an hourly wage floor set above the equilibrium wage
Which statement is true about advertising?
A. If you are a tomato grower you will make more profit by advertising widely. B. Advertising is most useful if it is spent on new products of good quality. C. It is best to spend advertising money on the products with the lowest quality and lowest consumer demand. D. If John Kenneth Galbraith's "revised sequence" is correct, advertising is a waste of money.