Let Qd = 10 - 2P and Qs = 3P be the demand and supply curves for Beer. The equilibrium combination (P* and Q*) in the market is ________.

Select the phrase that correctly completes the following statement. "An increase in input prices caused a decrease in the supply of baseballs. As a result ________."

A) the price of baseballs increased and the quantity demanded of baseballs decreased B) the equilibrium quantity of baseballs increased C) the price of baseballs increased. The higher price caused the supply of baseballs to increase D) the price of baseballs increased and the demand for baseballs decreased

The term "balance of trade" refers to a nation's:

a. goods exports minus imports. b. current account balance. c. capital account balance. d. net balance of all international transactions.