Which of the following is true of a country that does not engage in trade?
a. It can produce all of what the citizens within the country want
b. The country has an infinite stock of resources.
c. The country will eventually reach its limit in the number of goods it is able to manufacture.
d. The production of goods within the country does not involve opportunity costs.
c
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As an apparent result of airline deregulation,
a. many small communities have been left without airline service. b. the wages and benefits of airline workers have been reduced. c. air fares have risen more quickly than they probably would have under continued regulation. d. small commuter airlines have almost vanished.
Company X sells sugar to company Y for $50,000. Company Y uses the sugar to make chocolate bars, selling them to consumers for $150,000. The total contribution to GDP is:
A) $200,000. B) $100,000. C) $30,000. D) $150,000. E) $50,000.
What does TARP stand for?
A. Troubled Asset Relief Program. B. Tarnished Asset Revenue Program. C. Tinged Asset Reimbursement Program. D. Toxic Asset Rescue Program.
There is an adverse selection problem in the market for used cars because:
A. Owners of poor-quality cars have a strong incentive to sell their cars, while owners of high-quality used cars have more incentive to keep their cars B. Owners of high-quality cars will have a strong incentive to sell their cars to obtain the higher prices, while owners of poor-quality cars will have more incentive to keep theirs C. Most people prefer new cars, but the high prices for new cars force most of them to buy used cars D. Government actions to pass "lemon" laws have reduced information on used cars