In 1978, China was the world's 15th-largest economy. By 2011, China had:
A. the second-largest economy in the world.
B. an economy worth about $11 trillion.
C. the fourth-largest economy in the northern hemisphere
D. a larger economy than Japan but smaller than Germany.
Answer: A
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If a price ceiling of $4.00 per gallon is imposed on gasoline, and the market equilibrium price is $4.50, then the price ceiling is a binding constraint on the market
a. True b. False Indicate whether the statement is true or false
Figure 7.5
The consumer must decide how to split $20 between spending and saving.Refer to Figure 7.5. If the consumer uses cognition to offset present bias, he/she will maximize utility by ________ consumption and ________ saving.
A. increasing; increasing B. increasing; decreasing C. decreasing; increasing D. decreasing; decreasing