For country A, an export is a good produced in
A) country B and purchased by residents of country A.
B) country A and purchased by residents of country A.
C) country B and purchased by residents of country B.
D) country A and purchased by residents of country B.
D
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Refer to Figure 4-3. If the market price is $3.00, what is Kendra's consumer surplus?
A) $6.50 B) $5.50 C) $2.50 D) $0.50
Which of the following schematics most accurately represents economic fluctuations during a business cycle?
A) Shock -> Spending response by households and firms -> Multiplier effect -> Change in real GDP B) Shock -> Multiplier effect -> Spending response by households and firms -> Change in real GDP C) Shock -> Multiplier effect -> Change in real GDP -> Spending response by households and firms D) Shock -> Change in real GDP -> Spending response by households and firms -> Multiplier effect