If Utopia Has a Closed Economy, the Number of Cases

question 81

Multiple Choice

If Utopia has a closed economy, the number of cases of tile consumed each is _____ per year, and if it has an open economy the number of cases of tile consumed is _____ per year.

• A) 200; 450
• B) 300; 200
• C) 300; 450
• D) 450; 200

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Definitions:

Price

The amount of money expected, required, or given in payment for something, reflecting the value that customers pay for goods or services.

Substitutes

Products or services that can replace each other in use, offering consumers choices in the marketplace.

Demand Curve

A graphical representation showing the relationship between the quantity of a good consumers are willing and able to purchase and its price.

Income

Money that an individual or business receives in exchange for providing a good or service or through investing capital.