Examlex
Figure 5-13
-In Figure 5-13, the consumer can afford any combination of X and Y represented by a point
Net Exports
The value of a country's total exports minus its total imports; a measure of a nation's foreign trade balance.
Exports
Goods or services produced in one country and sold to buyers in a foreign country.
Adam Smith
An 18th-century Scottish economist and philosopher, best known for his theories on free market economics and the 'invisible hand' concept.
Self-sufficiency
The ability of an individual, household, or country to meet all their needs without external assistance or international trade.
Q43: In Figure 5-11, a consumer is initially
Q46: Total utility can be thought of as
Q112: A price increase will always cause a
Q114: Adam Smith noted that people are adept
Q136: Using Table 5-3, graph the marginal utility
Q146: When the goods of competing companies are
Q168: A tax on cigarettes can be expected
Q184: For most goods and most people, marginal
Q305: A shortage occurs when price is higher
Q308: Demand shifts due to changes in price.