Which of the following are TRUE regarding the argument that trade barriers protect U.S. workers from cheap foreign labor? I. Low-wage foreigners are just as productive as U.S. workers. II. U.S. workers have a comparative advantage in low-wage jobs
A) I only
B) II only
C) I and II
D) Neither I nor II is correct.
D
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Credit Suisse, Goldman Sachs, and Lazard Freres are examples of
A) commercial banks. B) corporations. C) non-bank financial institutions, such as insurance companies, pension funds, and mutual funds. This includes investment banks, which specialize in underwriting sales of stocks and bonds by corporations and in some cases governments. D) central banks and other government agencies. E) non-profit organizations.
If a nation can produce a more computers per year than any other nation, that nation has a(n) ________ advantage in the production of computers.
A. absolute B. relative C. comparative D. natural
Suppose John is a conservative and the economy is in a recession. Which fiscal policy does he recommend?
a. increase taxes b. decrease taxes c. increase G spending d. decrease G spending e. increase the money supply
Liquidity preference refers to
A) Keynes' name for the demand for money. B) the "random walk" behavior of consumption spending. C) monetarists explanations for stagflation. D) real business cycle theorists' explanations for stagflation. E) the controversy sparked by the Lucas critique.