What type of economic system is the United States economy based on?
a. cause and effect
b. centralized
c. market
d. production
Ans: c. market
Economics
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As demand for MP3 music downloads increases, other things being equal, we can expect
A) a decrease in both the relative price and quantity of MP3 music downloads. B) a decrease in the supply of MP3 music downloads. C) more MP3 music downloads to be produced. D) an excess number of MP3 music downloads in the market.
Economics
Refer to the above table. Nation "A" has a balance of trade
A) deficit of 50. B) surplus of 50. C) deficit of 10. D) surplus of 10.
Economics