Which nation took the bold step of abandoning its own currency and adopting the U.S. dollar?
a. China
b. India
c. Mexico
d. Ecuador
Ans: d. Ecuador
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The income effect of a wage increase is observed when
A) the higher wage income causes workers to take more leisure and work less. B) the higher wage income causes workers to take less leisure and work more. C) leisure's higher opportunity cost causes workers to take less leisure and work more. D) leisure's higher opportunity cost causes workers to take more leisure and work less.
The lower portion of the circular flow model contains factor markets in which households provide:
a. labor, money, and machines. b. savings, spending, and investment. c. natural resources, labor, and capital. d. output of all final goods and services produced.
The transfer payment that seems to be the lightning rod for media attention and political controversy is
a. agriculture b. natural resource conservation c. higher education d. public assistance e. space exploration
A common argument in favor of restricting international trade in good x is based on the premise that
a. international trade reduces total surplus in countries that export good x. b. international trade reduces total surplus in countries that import good x. c. international trade is desirable only when countries with different domestic supplies of natural resources play by different rules when trading with one another. d. trade restrictions can be useful when one country bargains with its trading partners.