Which of the following scenarios shows the likely effect of a 20% tariff on steel imports?
a. The price of imported steel falls.
b. The volume of steel imports rises.
c. Sales of imported steel increase.
d. The price of domestic steel rises.
d. The price of domestic steel rises.
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If the real GDP of a country in 2011 was 300 billion, its price index was 108.3, and its population was 150 billion, then real GDP per capita for that year was: a. 0.5 billion
b. 1 billion. c. 8.3 billion. d. 258.3 billion. e. 2 billion.
Suppose a seller's opportunity cost matches a buyer's valuation of the product. Assuming a two-person economy, which of the following statements will be true?
a. The transaction will benefit the buyer, while the seller will neither gain nor lose from it. b. The economic value created by this exchange will be zero. c. Both parties will be worse-off after the transaction. d. The seller will be worse-off than the buyer after the transaction.
The money-multiplier process is based on the principle of fractional reserve banking.
Answer the following statement true (T) or false (F)
A change in supply cannot be caused by a change in:
a. resource prices. b. technology. c. prices of other goods. d. the price of the good itself. e. the number of suppliers.