Refer to the given data. Assuming that Alpha and Beta are the only two nations in the world, at the equilibrium world price:
Answer the question on the basis of the following data for the hypothetical nations of Alpha and Beta. Q s is domestic quantity supplied and Q d is domestic quantity demanded.
A. both nations will export steel.
B. both nations will import steel.
C. Alpha will export steel and Beta will import steel.
D. Beta will export steel and Alpha will import steel.
D. Beta will export steel and Alpha will import steel.
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Based on the information in the above table, the price of A is $3, the price of B is $2, and the price of C is $5. If Mary has $22 to spend, what combination of products A, B, and C should she buy in order to maximize her satisfaction?
According to your textbook, pollution is a major social and political concern because
A) it is inefficient. B) it is always immoral. C) people disagree about rights, which are extremely difficult to resolve. D) the environment is on the verge of ecological catastrophe.
Distinguish between a change in demand and a change in quantity demanded
What will be an ideal response?
Dillon is undecided about whether to eat at a restaurant or to order pizza at home. He then obtains a coupon for 10 percent off at the restaurant and decides to go there to eat. This is an example of
A) someone using criteria other than price to make a consumption decision. B) a lower price leading a consumer to substitute more of the less expensive good for the relatively more expensive good. C) a lower price leading a consumer to buy more of a good because of the income effect. D) a consumer making a decision irrationally.