Assume there is a simultaneous decrease in the incomes of people in the market for new homes and a decrease in the wages paid to carpenters, plumbers, and electricians
All else constant, we can predict, with certainty, that in the market for new homes the equilibrium: A) quantity of new homes will decrease.
B) quantity of new homes will increase.
C) price of new homes will decrease.
D) price of new homes will increase.
C
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According to the table above determine which country has the absolute advantage in corn and which in soybeans. In addition, determine which country has the comparative advantage in corn and which in soybeans
Make sure to support your answer by deriving the opportunity costs of each.
Using the income approach, indirect business taxes have to be added to get gross domestic product because the: a. selling price of a product includes these taxes, which are income to the governmentrepresenting the public interest of households
b. selling price of a product includes these taxes, which are resource payments. c. selling price of a product excludes these taxes and therefore they have to be added. d. selling price includes these taxes which are actually not income to any sector of the economy.