The fact that people with higher incomes get to consume more goods and services addresses the ________ part of one of the two big economic questions
A) "for whom"
B) "when"
C) "where"
D) "how"
A
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Let S = y - (100 + 0.5y). Assume no government or foreign sectors. At the equilibrium level of income, y* = 800, the level of saving is
A) 0. B) 50. C) 100. D) 300.
Refer to Table 9-12. All of the following are terms of trade that could possibly benefit both countries except
A) 1 belt : 1.75 swords. B) 1 belt : 1.25 swords. C) 1 belt : 1.33 swords. D) 1 belt : 2.25 swords.
In a perfectly competitive industry, influence over price is exerted by
A. individual sellers. B. individual buyers. C. the largest firms. D. the forces of supply and demand.
If the world price is above the domestic "no-trade" equilibrium price, then with international trade, the shortage caused in the domestic market can be met by foreign imports
a. True b. False Indicate whether the statement is true or false