U.S. imports rise when income in the United States increases.
Answer the following statement true (T) or false (F)
True
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Which of the following statements best illustrates the concept of derived demand?
A. When the price of gasoline goes up, the demand for motor oil will decline. B. As income goes up, the demand for farm products will increase by a smaller relative amount. C. A decline in the price of margarine will reduce the demand for butter. D. A decline in the demand for shoes will cause the demand for leather to decline.
Credit cards were introduced in 1959. In 2014, the U.S. credit card balance was $880 billion. Which of the following is TRUE?
A) The $880 billion balance is part of M2 but not part of M1. B) The $880 billion balance is part of both M1 and M2. C) Only that portion of the $800 billion actually charged in 2009 is counted in M1 and M2. D) No part of the $880 billion balance is counted in M1 and M2.
According to the permanent income hypothesis, consumption spending depends largely on ________
A) current income B) the savings rate C) a consumer's lifetime resources D) the level of current income plus the value of the assets owned by the household
Identify the correct statement from the following
a. Good faith bargaining implies the seller will never decrease the price for a particular buyer. b. Distrust is the norm when electricity producers negotiate a deal to exchange power by misrepresenting their costs. c. Poker is the exception where norms do not come into play. d. Good faith bargaining norms vary among different types of transactions.