In its most basic form, globalization has existed ever since:
a. the creation of the Internet, which enables people to sell their products overseas.
b. the end of World War II.
c. the creation of the International Monetary Fund (IMF), which establishes the rules for all countries to follow as they trade.
d. the fall of the Berlin wall which marked the end of communism and thus, the beginning of truly "global" times.
e. primitive societies began to engage in trade.
e
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What is the great advantage of adjudication over legislation in the management of negative externalities?
A) Adjudication has lower costs. B) Adjudication maintains the continuity of expectations. C) Courts are bound by the rule of law and legislatures are not. D) Courts can act more quickly than legislatures. E) There are no clear answers in such cases.
You have a bond that pays $125 per year in coupon payments. Which of the following would result in an increase in the price of your bond?
A) The likelihood that the firm issuing your bond will default on debt increases. B) Coupon payments on newly-issued bonds rise to $140 per year. C) The price of a share of stock in the company falls. D) Coupon payments on newly-issued bonds fall to $75 per year.
Given the production function q = 1.37LK, what is the marginal product of labor?
A) 1.37 B) 0 C) 1.37K D) Cannot be determined with the information given.
Suppose that the supply and demand of wheat depend on the price of wheat (p), the amount of annual rainfall (r), and the level of disposable consumer income (I)
The equations describing the supply and demand curves are given by: QS = 20r + 100p QD = 4000 - 100p + 10I Sketch a graph of the supply and demand curves for wheat and show the effects of an increase in the quantity of rainfall. How does each curve shift (if at all) from the increase in rainfall? What does this shift do to the equilibrium price and quantity (increase/decrease)?