Which of the following statements best describes the potential gains from trade?
a. The potential for gains from trade may be especially low among the smaller and lower income countries of the world.
b. The potential for gains from trade may be especially high among the smaller and lower income countries of the world.
c. The potential for gains from trade may be especially high among the medium and larger income countries of the world.
d. The potential for gains from trade may be especially high among the smaller and medium income countries of the world.
b. The potential for gains from trade may be especially high among the smaller and lower income countries of the world.
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Which of the following statements is FALSE?
A) The federal budget deficit in 2004 was about 4 percent of the GDP. B) During the past five years, the U.S. public debt has been increasing. C) The public debt of $25 billion is the accumulated debt of all U.S. individuals, firms, and institutions. D) A budget deficit of $25 billion in a given year increases the public debt by $25 billion.
Your father tells you he earned $1.50 per hour when he was 16 in 1969 . Given that the CPI was 36.0 in 1969 and 215 in 2008, how much would you have to earn in 2008 in order to have the same real wage as your father in 1969?
a. $1.50 b. $5.00 c. $8.95 d. $15.00
A buyer's investment value is the __________ that he or she would be willing to pay for a particular property.
Fill in the blank(s) with the appropriate word(s).
A government is considering undertaking one or more construction projects. The estimated marginal cost and benefit of each project are given in the table.ProjectMarginal Cost ($M)Marginal Benefit ($M)1$8$11211133181742823Refer to the above table and information. What is the net benefit of project 2?
A. $2 million B. $1 million C. $5 million D. $3 million