Which question is an illustration of a microeconomic question?
A. Is the volume of wine produced in one year dependent upon the price of wine?
B. Does government spending influence interest rates in the economy?
C. Is the purchasing power of the dollar higher or lower today than it was in 2008?
D. Which economic system is better for consumers and firms?
Answer: A
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Which of the following are theories of the BOT?
A) monetary approach B) absorption approach C) elasticities approach D) Both B and C
The international equilibrium price is the point at which:
a. the domestic supply curve of one country intersects the domestic demand curve of another. b. the domestic demand and supply curves of a country intersects each other. c. the export supply curve of one country intersects the import demand curve of another. d. the domestic demand of the trading partners become identical. e. the domestic supply of the trading partners become identical.
After a natural disaster, such as a hurricane, the increased demand for certain items (like lumber, electric generators, and chainsaws) causes their prices to rise. These higher prices
a. discourage the flow of these items into the area. b. encourage consumers to purchase the items even if they do not plan to use them. c. help to direct the items toward their highest valued uses. d. do all of the above.
Which of the following Gini coefficients represents the income distribution closest to being equal?
A. 0.02 B. 0.50 C. 0.10 D. 0.98