If This Is an Open Economy, Quantity of Cars Demanded

question 9

Multiple Choice

If this is an open economy, quantity of cars demanded domestically will be ________.

• A)20,000
• B)40,000
• C)60,000
• D)80,000

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Definitions:

Capital Equipment

Long-lasting tools, machinery, or infrastructure used in the production of goods and services.

Fertile Land

Soil or land that is rich in nutrients, making it highly productive for agriculture.

Scarcity

A situation in which available resources are insufficient to satisfy all wants and demands.

Recessions

Periods of temporary economic decline during which trade and industrial activities are reduced, generally identified by a fall in GDP in successive quarters.