Citizens can consume more of everything in a(n)
A. open economy.
B. economy with many citizens.
C. autarky.
D. closed economy.
Answer: A
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Japan exports cars to the other countries of the world. In an open economy Japan is most likely to have a domestic price that is ________ the world price of cars.
A. less than B. close to C. equal to D. greater than
The New Deal
A. may be summarized by these words: relief, recovery, and reform. B. introduced Medicare and Medicaid. C. succeeded in quickly extending the Great Depression. D. reduced the economic role of the federal government.
Explain the essential difference between fixed and flexible exchange rate systems
The cross-price elasticity of demand between bread and potatoes is estimated to be 0.5. This implies bread and potatoes are:
A. normal goods. B. complements. C. substitutes. D. unrelated.