In 2014, which of the following countries had the lowest ratio of exports to GDP?
A) Japan
B) Switzerland
C) Austria
D) Netherlands
E) United States
E
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In general, demand curves for necessities tend to be price elastic
a. True b. False Indicate whether the statement is true or false
What is the "medium of exchange" function of money?
a. Money provides a unit for measurement of different goods and services. b. Money has the ability to hold value over time. c. Materials used to manufacture money are of medium grade or quality, so that people will not hoard money for its commodity value d. Money is widely accepted in exchange for goods and services
The AD curve shifts to the right with a __________ in government purchases (G) or a __________ in taxes
A) rise; rise B) rise; fall C) fall; rise D) fall; fall
The practice of price discrimination is associated with pure monopoly because:
A. it can be practiced whenever a firm's demand curve is downsloping. B. monopolists have considerable ability to control output and price. C. monopolists usually realize economies of scale. D. most monopolists sell differentiated products.