Nontradables are goods or services that:
A. can't be taken from place to place very easily or at all.
B. are cultural specific and not typically traded for that reason.
C. can’t legally cross a country's borders.
D. are not allowed to leave a country.
A. can't be taken from place to place very easily or at all.
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Refer to Figure 29-1. Currency speculators believe that the value of the euro will increase relative to the dollar. Assuming all else remains constant, how would this be represented?
A) Supply would decrease, demand would increase and the economy moves from A to D to C. B) Supply would increase, demand would increase and the economy moves from D to A to B. C) Supply would decrease, demand would decrease and the economy moves from B to C to D. D) Supply would increase, demand would decrease and the economy moves from C to B to A.
The statement that "there is no such thing as a free lunch" means:
A) there are no tradeoffs between economic goals. B) any production requires the use of scarce resources, and thus the sacrifice of another alternative. C) choices need not be made in rational behavior. D) scarcity only exists in poor societies.
Which was not a way in which tariffs hurt the South?
a. Southern produced products lost US market share. b. The tariffs raised the price of imported goods to consumers. c. England had less money with which to purchase American made goods.
What matters in Economics is:
a. how much gain a transaction yields. b. how the gains from a transaction are split between the buyer and the seller. c. how much gain the buyer realizes from a transaction. d. that the transaction between a buyer and a seller takes place.