The ratio of a country's exports to its total output (GNP or GDP)
A) is known as the index of openness.
B) provides a rough measure of the importance of international trade to that economy.
C) if calculated for the United States would be quite low.
D) All of the above.
D
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Suppose that the price elasticity of demand for an ice cream cone is -1.9 . If the local ice cream shop owner wants to increase total revenue, what would you recommend he or she do?
What will be an ideal response?
Of the three types of price-discrimination, which is impossible to practice in any market in reality?
A) first-degree price discrimination B) zero-degree price discrimination C) third-degree price discrimination D) second-degree price discrimination
A depreciation of Mexico's currency (the peso) means that
a. Mexico's exports will become more expensive b. it now requires fewer pesos to exchange for one unit of another currency c. Mexico's imports will become less expensive d. it now requires more pesos to exchange for one unit of another currency e. it now requires more of other currencies to exchange for one peso
Who said, "Property is the exploitation of the weak by the strong. Communism is the exploitation of the strong by the weak".
A. Adam Smith B. Seymour Melman C. Studs Terkel D. Pierre-Joseph Proudhon