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Since anyone is able to obtain a license, not necessarily the low cost suppliers of archery lessons, and it is not necessarily the individuals with the highest willingness to pay who are able to receive a lesson, what does it imply about the efficiency of the larger economy to which the market for archery lessons belongs?
a. the economy is efficient in consumption, production and output levels
b. the economy is not efficient in consumption, production and output levels
c. the quota prevents the market price from acting as an economic signal
d. Price will act as an economic signal, drawing in more archery instructors.
BOP on Capital Account: BOP on Capital Account shows only export and import of capital and the difference between the two represents a country's capital account balance. C
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y explain whether you agree or disagree with the following statements. “If nominal GDP is less than real GDP, then the price level must have fallen during the year.”
Last year, the nation of Tigerland imported goods totaling $500 million and exported products totaling $386 million. Tigerland experienced a(n).
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