Goods that are produced in other countries and then sold domestically are called
A) exports.
B) imports.
C) tariffs.
D) quotas.
Answer: B
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The price of milk rises, so the supply of ice cream decreases. there is, as a result a 5 percent increase in the price of ice cream and a 3 percent decrease in the quantity of ice cream sold
The revenue received by ice cream suppliers will ________ because the demand for ice cream is ________. A) decrease; price inelastic B) increase; price inelastic C) increase; price elastic D) decrease; price elastic
The distribution of income in the United States is characterized by the following relationship between the mean, median, and mode incomes
A) mean income < median income < mode income. B) mode income < median income < mean income. C) median income < mean income < mode income. D) mode income < mean income < median income.
If banks pay deposit insurance premiums to the Federal Deposit Insurance Corporation that are less than the amount that they would have to pay if the insurance were privately provided
what kind of behavioral problem might this cause on the part of banks?
Which of the following is NOT a basic characteristic of perfect competition?
A. considerable non-price competition B. no barriers to the entry or exit of firms C. a standardized or identical product D. a large number of buyers and sellers