A key factor in producing high economic growth is
A) eliminating foreign trade.
B) well-functioning financial markets.
C) high interest rates.
D) stock market volatility.
B
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An improvement in production technology will
A. shift the demand curve to the left. B. shift the supply curve to the left. C. shift the supply curve to the right. D. increase equilibrium price.
When the U.S. placed tariffs on French wine, France placed high tariffs on U.S. chickens. This is an example of
A) deadweight losses. B) multilateral negotiations. C) bilateral trade negotiations. D) international market failures. E) a trade war.
Which of the following is false? a. The price elasticity of supply measures the sensitivity of the quantity supplied to the changes in the price of the good. b. The price elasticity of supply is defined at the percentage change in the quantity supplied divided by the percentage change in price. c. Goods with a supply elasticity that is greater than 1 are called relatively elastic in supply
d. When supply is inelastic, a 1 percent change in the price of a good will induce a more than 1 percent change in the quantity supplied.
Which of the following best exemplifies the theorizing step in the scientific process?
A. Observing a line of cars outside of a gas station. B. Suggesting that lower gasoline prices are encouraging consumers to buy more gas. C. Collecting data on the amount of gasoline sold at different prices. D. Drawing a graph of the relationship between gasoline prices and the amount of gasoline sold at each price.