Related to the Economics in Practice on page 6: According to the Economics in Practice, a majority of the $10 retail value of the Barbie doll
A. is needed to pay for the cost of the Taiwanese plastic used to make the dolls.
B. pays for the Chinese labor used to assemble the doll.
C. goes to the Japanese manufacturer of the hair which is used for the dolls.
D. is captured in the United States.
Answer: D
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Usually the removal of trade barriers affecting a particular good benefits ________ people domestically, each of whom gains a ________
A) a few; little B) a few; lot C) many; little D) many; lot
If Ap is total autonomous planned spending, c is the marginal propensity to consume, s is the marginal propensity to save, and Y is the equilibrium income level, then induced saving is
A) Ap/Y. B) Y = Ap/s. C) sY. D) cAp.
The curve formed by plotting the value of the marginal product for workers against quantity of labor is:
A. downward sloping. B. perfectly elastic, for competitive firms. C. perfectly inelastic. D. upward sloping.
In a mixed open economy, which of the following all affect the equilibrium GDP in the same direction?
A. C a , I g , S a , and M. B. S a , T, and M. C. I g , T, and C a . D. S a , I g , and X.