An import is any good that is:
A) produced and consumed domestically.
B) priced through an auction mechanism.
C) produced abroad, but sold domestically.
D) rationed and licensed by the government.
C
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If the Fed increases the interest rate in the U.S.:
A) the demand curve for dollars will shift to the left. B) the demand curve for dollars will shift to the right. C) the supply curve of dollars will shift to the right. D) the real exchange rate of the U.S. will depreciate.
If a good has “snob appeal,” consumers may purchase less when the price falls.
Answer the following statement true (T) or false (F)
Refer to Figure 35.4 for the production possibilities curve for Chile: Chile's production and consumption of wine and wheat without trade are represented by point A. Suppose that Chile has a comparative advantage in the production of wine compared to the United States and specialization and trade take place between the two countries. The most likely new combination of wine and wheat available to Chile would be
A. D. B. A. C. C. D. B.
When a consumer wants to compare the price of one product with another, money is primarily functioning as a:
A. Store of value B. Unit of account C. Checkable deposit D. Medium of exchange