In an auction, ________
A) buyers set the price of a good
B) the seller sets the price of a good
C) the government sets the price of a good below its market price
D) the government sets the price of a good above its market price
A
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The demand for factors of production is referred to as:
A. primary demand. B. derived demand. C. implied demand. D. production demand.
Steve buys Pepsi at $.60 per can and orange juice at $1.20 per can. In consumer equilibrium,
a. orange juice would yield a higher marginal utility per dollar spent than Pepsi would b. he will consume twice as much Pepsi as orange juice c. he will consume more orange juice than Pepsi d. total utility from orange juice is twice that from Pepsi e. his last can of orange juice would generate a higher marginal utility than his last can of Pepsi
Which of the following transactions would impact the net transfers in the U.S. balance of payments?
a. The Mexican government sells bonds to U.S. residents. b. A Mexican firm hires an American accounting firm. c. The U.S. government buys jet engines from a Mexican manufacturer. d. A U.S. resident sends a gift of money to his mother living in Mexico.
Discuss how economists calculate NI, PI and DI.
What will be an ideal response?