If its value of cross-price elasticity is negative, a good must be a necessity
a. True
b. False
B
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An increase in quantity demanded a. illustrated by a movement downward and to the right along a demand curve. b. illustrated by a movement upward and to the left along a demand curve. c. shifts the demand curve to the left
d. shifts the demand curve to the right.
The primary benefit of a monetary system of exchange compared to a barter system is the increased
A. ability to record transactions. B. time necessary to find trading partners. C. time devoted to shopping. D. efficiency in arranging transactions.
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The marginal rate of transformation in moving from Point B to Point A is
A. -2/3. B. -3/4. C. -1.5. D. -20.
If the U.S. can produce wheat at $2 a bushel and corn at $3 bushel, while Canada can produce wheat at $3 a bushel and corn at $4 a bushel, then
A. the U.S. has an absolute advantage at producing both corn and wheat. B. Canada has an absolute advantage at producing both corn and wheat. C. the U.S. has an absolute advantage at producing corn, but not wheat. D. the U.S. has an absolute advantage at producing wheat, but not corn.