A period during which aggregate output rises is known as a(n)
A. recession.
B. hyperinflation.
C. inflation.
D. expansion.
Answer: D
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Refer to the scenario above. If both nations decide to trade, which of the following statements is true?
A) Hawaii should export both tea and coffee. B) Hawaii should import both tea and coffee. C) Hawaii should export tea and South Carolina should export coffee. D) Hawaii should export coffee and South Carolina should export tea.
________ are non-rival in consumption
A) Public goods and private goods B) Public goods and club goods C) Public goods and common pool resources D) Private goods and common pool resources
Consider the following data: Price of A Quantity Demanded of A $5 6 $4 10 The absolute value of the price elasticity of demand for product A is
A) 0.44. B) 1.80. C) 0.56. D) 2.25.
If airfares to Europe were to increase, other things equal, an economist would predict that: a. most people will not change their travel and vacation plans
b. more individuals will choose to fly to Europe because now it is a more valuable experience. c. some individuals will substitute toward other travel destinations. d. airlines will make significantly greater profits.