If the domestic price is above the world price of a certain product, the domestic country will import the product.
Answer the following statement true (T) or false (F)
True
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Tiffany gives $50 to Jeremy for his birthday. This is an example of a(n)
A) involuntary transfer. B) involuntary-voluntary transfer. C) voluntary transfer. D) gift. E) c and d
If the Fed's monetary policy reaction function does not change, then when inflation increases the Fed responds by ________ the real interest rate, which ________ consumption and investment spending, which ________ output.
A. increasing; increases; increases B. increasing; increases; decreases C. decreasing; decreases; decreases D. increasing; decreases; decreases
From 2000 to 2009, the net annual inflow of illegal immigrants has averaged about:
A. 250,000 per year B. 500,000 per year C. 750,000 per year D. 1 million per year
Efficiency involves:
a. producing only one out of many possible commodities. b. producing output using the least amount of labor. c. producing as far inside the production possibilities frontier as possible. d. getting the maximum possible output from available resources. e. producing output using the least amount of capital.