China and India both have rapidly developing economies. Which of the following characteristics is shared by India and China?
A. Both have embraced free-market economies.
B. Both have high literacy rates.
C. Property rights are well established in both countries.
D. Both are democratic countries.
Answer: A
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If the United States exports planes to Brazil and imports ethanol from Brazil, the price received by U.S. producers of planes ________ and the price received by Brazilian producers of ethanol ________
A) does not change; does not change B) rises; rises C) rises; falls D) falls; falls E) falls; rises
Wealth and substitution effects explain why the aggregate demand curve has a positive slope
Indicate whether the statement is true or false
Refer to Table 9-12. Which country has a comparative advantage in producing belts?
A) Estonia B) Morocco C) both countries D) neither country
Assume that at the current level of output produced by a perfectly competitive firm, MR = $7.50 and MC = $6. In order to maximize its profit, the firm should increase output
Indicate whether the statement is true or false