In Figure 1.2, which labeled points are unattainable? 
A. only A
B. only B and C
C. only D
D. A, B, and C
Answer: C
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In the above figure, Brendan originally consumes at point A. If his income rises and both compact discs and haircuts are normal goods then he could begin consuming at point
A) B, C, or D. B) B. C) C. D) D.
Refer to the figure above. Imports for this country equal
A) OA units of Z. B) AB units of Z. C) AC units of Y. D) AD units of Y.
Sophisticated theoretical arguments supporting import-substitution policies include
A) terms of trade effects. B) scale economy arguments. C) learning curve considerations. D) the problem of appropriability. E) domestic market failure arguments.
One effect of having access to cheap foreign goods can be to raise workers’ real wages.
Answer the following statement true (T) or false (F)