The Keynesian viewpoint is that the investment curve is highly responsive to the changes in the rate of interest
a. True
b. False
Indicate whether the statement is true or false
False
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The ________ measures the change in the demand of a good due to a percentage change in the consumer's income
A) substitution effect of a price change B) income effect of a price change C) cross-price elasticity of demand D) income elasticity of demand
Currently Belize, a country in Central America, has a small coffee industry but does not export any coffee
Suppose the government of Belize, in order to protect the new coffee industry to enable it to grow into a mature industry that can compete in world markets, places a tariff on the importation of coffee. What is the argument that has been used to support the tariff on coffee? A) the infant-industry argument B) the dumping argument C) protection of Belize coffee workers D) to prevent rich countries from exploiting developing countries
In the long run, monopolistic competitive firms are considered to be operating inefficiently because their
A) economic profits are positive. B) economic profits are zero. C) average total costs are not at a minimum. D) marginal costs are rising.
Jane has $500 a week to spend on clothing and food. The price of clothing is $25 and the price of food is $10. What is the equation for Jane's budget constraint?
A. $25 × Clothing + $10 × Food ? $500 B. ($25 × Clothing) / ($10 × Food) = $500 C. ($25 × Clothing) × ($10 × Food) < $500 D. $25 × Clothing + $10 × Food = $500