Under the gold standard, balance of trade deficits (or surpluses) were __________.
Fill in the blank(s) with the appropriate word(s).
automatically eliminated
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What assumptions lead to the conclusion that final products are distributed efficiently among households?
What will be an ideal response?
Suppose the cross-price elasticity of demand between grapefruit juice and orange juice is approximately 6. What does this mean?
A) A 1 percent decrease in the price of grapefruit juice leads to a 6 percent increase in orange juice consumption. B) A 6 percent increase in the price of grapefruit juice leads to a 1 percent increase in orange juice consumption. C) The demand for orange juice is 6 times greater than the demand for grapefruit juice. D) If the price of grapefruit juice rises by $1, 6 more cartons of orange juice will be purchased.