In the classical model, when an open economy has balanced trade, Say's law holds
a. True
b. False
A
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Falling oil prices meant that consumers in Libya could afford fewer imported goods. The Libyan government imposed controls to limit imports of cigarettes. At one point, the market price of a carton of cigarettes rose to $70. Which graph in Figure 4-22 best depicts this situation?
A. 1 B. 2 C. 3 D. 4
A price ceiling is ______ if it is set _____ the market equilibrium price
A. efficient and fair; below B. unfair but efficient; equal to C. efficient and unfair; above D. inefficient and unfair; below
Over 90 percent of life insurance companies are structured as __________ companies. Over 50 percent of industry assets are controlled by companies structured as __________ companies
A) mutual, mutual B) mutual, stock C) stock, mutual D) stock, stock
The utility of a specific product:
A. is determined by consumer income. B. varies from person to person using the product. C. is constant from person to person using the product. D. is determined by the price of the product.