Refer to the scenario above. If both nations decide to trade, which of the following statements is true?
A) Hawaii should export both tea and coffee.
B) Hawaii should import both tea and coffee.
C) Hawaii should export tea and South Carolina should export coffee.
D) Hawaii should export coffee and South Carolina should export tea.
D
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The U.S. civilian labor force does not include
a. the self-employed. b. members of Congress. c. members of the armed services. d. lawyers and doctors.
Restricting the supply of labor in order to increase the wage
a. is a tactic used by both craft and industrial unions b. is a tactic more likely to be used by the American Medical Association (AMA) than the United Auto Workers (UAW) c. is a tactic more likely to be used by the UAW than the AMA d. is a tactic used solely by professional groups such as lawyers e. has less effect on the wage than direct negotiation does
Marginal utility is always a positive number
Indicate whether the statement is true or false
Which of the following is one of the arguments for tariffs?
a. encouraging dumping b. protecting against dumping c. managing exchange rates d. managing interest rates