A market with well-established rules and structure is a(n) ________ market.
A. formal
B. informal
C. specific
D. general
Answer: A
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Which of the following is not a flow in the circular flow model?
A) the flow of profit and the flow of revenue B) the flow of income earned by households and the flow of expenditures incurred by households C) the flow of revenue received by producers and the flow of payments to resource owners D) the flow of goods and services and the flow of resources to produce goods and services
Exhibit 21-4 Coffee and tea output (pounds per hour) CountryCoffee Tea Brazil10 5 China 8 8 As shown in Exhibit 21-4, the opportunity cost to Brazil of producing one pound of coffee is:
A. 1 pound of tea. B. 5 pounds of tea. C. 1/2 pound of tea. D. 10 pounds of tea.
If a French company sells 1000 gallons of Perrier to a U.S. company at 5 euros per gallon, and uses the money to buy stock in a Spanish cork company, how does this affect the French balance of payments accounts?
A) Decrease in financial account; increase in merchandise trade B) Decrease in merchandise trade; increase in financial account C) Decrease in net investment income from abroad; increase in financial account D) Decrease in merchandise trade; increase in net income from abroad
Since it is possible to grow coffee in the United States, the U.S. would gain by creating a domestic coffee industry rather than importing coffee from Brazil
a. True b. False Indicate whether the statement is true or false