Which of the following is correct?
a. NCO + C = NX
b. NCO = NX
c. NX - NCO = S
d. NX + NCO = C
b
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Refer to Figure 9.9. At free trade, domestic consumption is
A) 5500; domestic production is 1000; imports are 4500. B) 5000; domestic production is 2000; imports are 3000. C) 4000; domestic production is 4000; imports are 0. D) 2000; domestic production is 5000; imports are 3000. E) 1000; domestic production is 5500; imports are 4500.
"Because resources are scarce, the production of more capital goods means that fewer resources are available to produce consumption goods, so there is less current consumption." Do you agree or disagree? Explain
What will be an ideal response?
If an increase in the government-imposed minimum wage pushes the price (wage) of unskilled labor above market equilibrium, which of the following will most likely occur in the unskilled labor market?
a. an increase in quantity of unskilled labor demanded b. a decrease in the quantity of unskilled labor supplied c. a shortage of unskilled labor d. a surplus of unskilled labor (unemployment)
The four determinants of demand that are held constant when we consider a movement along a demand curve include all of the following except
A. Tastes. B. Income. C. Availability and price of substitute goods. D. Price.