Refer to Table 12.1. The inflation rate forecast for Japan is
A) -0.9%.
B) 0.9%.
C) 1.1%.
D) It cannot be determined from the information provided.
A
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A good that if supplied to one person is supplied to all and whose consumption by one individual does not prevent its consumption by another individual is known as:
A. an internal good. B. a public good. C. an external good. D. a private good.
Opportunity cost is defined as
A. the value of the next-best alternative that must be sacrificed to attain a want. B. the return from a given unit of labor. C. the least-costly means to produce output. D. the value of the output currently received by an individual or a corporation.
The demand curve facing a monopolist will be more elastic
A. as the number of consumers increases. B. the greater is the amount of fixed costs to cover. C. the greater is the number of substitute products. D. as the consumers' need for the good increases.
Specialization and trade exploit differences in productivity across workers and
A. make everyone worse off. B. only benefit the importer. C. only benefit the exporter. D. make everyone better off.