Refer to the diagram pertaining to two nations and a specific product. In equilibrium, the nation represented by lines FA and FC will:
A. export H to the country represented by lines GB and GD.
B. import H from the country represented by lines GB and GD.
C. pay price F for its imports.
D. receive price G for its exports.
B. import H from the country represented by lines GB and GD.
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If an increase in government spending of 40 units accompanied by an equal increase in taxes caused equilibrium income to rise by 40 units, the autonomous expenditure multiplier must be
a. 10. b. 1. c. 4. d. not enough information is given to calculate the multiplier.
The mayor of Smallville allows all citizens to access his private swimming pool in summer. By doing so, he converts a _____ into a _____
a. private good; public good b. public good; merit good c. private good; club good d. club good; private good