A nation will neither export nor import a specific product when its:
A. domestic price equals the world price.
B. export supply curve lies above its import demand curve.
C. export supply curve is upsloping.
D. import demand curve is downsloping.
A. domestic price equals the world price.
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If autonomous consumption is greater than zero and the marginal propensity to consume is greater than zero, but less than one, the consumption function will first be below and then above the 45 degree line
a. True b. False Indicate whether the statement is true or false
Price floors are only effective below the market equilibrium
a. True b. False Indicate whether the statement is true or false
A monopolist is defined as
A. a single producer of a good or service for which there is no close substitute. B. a producer of a good or service that is expensive to produce, requiring large amounts of capital equipment. C. a large firm, making substantial profits, that is able to make other firms do what it wants. D. a firm with many business establishments located across the nations.
Money does all of the following except
A. Reduce the efficiency with which market exchanges take place. B. Facilitate the continuous series of exchanges that characterizes a market economy. C. Promote efficient division of labor. D. Serve as a mechanism for transforming current income into future purchases.