Which of the following economic conditions cause export growth to be a basis for faster overall economic growth?
A) Diseconomies of scale in production for the domestic market
B) A larger-than- average service sector
C) A larger-than-average manufacturing sector
D) Economies of scale in production for the world market
D
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An increase in the real interest rate is an example of a
A) pure substitution effect. B) substitution effect and a positive income effect. C) substitution effect and a negative income effect. D) substitution effect and an income effect whose sign depends on whether the consumer is initially a borrower or a lender.
If an excise tax is imposed on restaurant meals,
a. fewer meals will be produced and sold b. more meals will be produced and sold c. the government's tax revenue will fall d. the market price of meals will decrease e. restaurants will sell more meals, but at a lower price per meal