The market system works by getting each person, motivated by his or her own self-interest, to produce products for other people.
Answer the following statement true (T) or false (F)
True
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What most accurately describes the U.S. balance of payments?
a. From 1850-1873 the U.S. had an unfavorable balance of payments, but exports exceeded imports from 1873-1919. b. The U.S. had an unfavorable balance of payments from 1850-1919. c. Exports exceeded imports from 1850-1919 d. The U.S. had a favorable balance of payments from 1874 until World War I. During the war U.S. imports exceeded imports.
In a market economy, government officials make most production decisions in a centralized manner
a. True b. False Indicate whether the statement is true or false
Why does consumer surplus decrease when price increases?
A. Consumers buy less of the good at a higher price. B. Producers cannot sell as much to the consumer. C. Consumers buy less of the good at a lower price. D. Consumers buy more of the good at a higher price.
Given the limits of international cartel power, one alternative for a developing country to put upward pressures on the world prices of its primary product exports is to
A. tax its primary-product exports. B. impose tariffs on primary-product imports. C. subsidize its manufacturing imports. D. subsidize its primary product exports.