Sally is a U.S. citizen who works for an Italian company at the branch office located in Tulsa, Oklahoma. Sally's work will contribute toward:
A. U.S. GDP since Sally's a citizen.
B. Italian GDP since she's working for an Italian firm.
C. U.S. GDP since the location of her office is in the U.S.
D. both the U.S. and Italy's GDP.
Answer: C
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The successor organization to GATT that handles trade disputes among its member nations is the
A. North American Free Trade Agreement. B. European Union. C. General Agreement on Tariffs and Trade. D. World Trade Organization.
If a fast food restaurant was one of many hiring workers, the minimum wage was $7.25 an hour, and it was paying $8.00 an hour to attract workers, a cut in the minimum wage to $5.00 an hour would cause them to
A. lower their offering wage to $5.00 an hour. B. do nothing differently. C. pay $7.25. D. raise their offering wage to $9.00 an hour.
In Western nations, the desire for the incredible fruits of the materialist world may often
a. lead to very low opportunity costs of foreign aid b. lead to low birth rates and high death rates c. lead to an abandonment of the LDCs d. come at the expense of tradition e. lead to very high opportunity costs of innovation
Given scarce resources, how societies go about deciding what to produce, how to produce it, and for whom to produce best describes
A. the economic problem. B. the fallacy of composition. C. decreasing opportunity costs. D. Ockham's razor.