Refer to Figure 4-1. If the market price is $1.50, what is the consumer surplus on the second burrito?
A) $0.50 B) $1.00 C) $1.50 D) $3.50
A
Economics
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A free trade agreement plus a common set of tariffs toward non-members is called
A) a common market. B) a customs union. C) a free trade area. D) an economic union. E) a partial trade agreement.
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Which of the following macroeconomic variables is countercyclical?
A) Real interest rates B) Unemployment C) Money growth D) Consumption
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If the economy is experiencing an inflationary gap, Keynesian economists advocate allowing flexible wages to shift the short-run aggregate supply curve (SRAC) upward and restore full employment
a. True b. False Indicate whether the statement is true or false
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In a closed economy S = I, so in an open economy:
A. S = I ? NX. B. S = I + NX. C. S + I = NX. D. S + NX = I.
Economics