Refer to the information provided in Table 33.5 below to answer the question(s) that follow. Cashews are measured in bushels and tea is measured in pounds (lbs.)
Table 33.5
Refer to Table 33.5. The most that Vietnam will be willing to pay for a bushel of cashews is
A. 5 lbs. of tea.
B. 6.25 lbs. of tea.
C. 7.5 lbs. of tea.
D. 10 lbs. of tea.
Answer: C
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Required reserves are
A. equal to total reserves minus excess reserves. B. equal to total reserves minus checkable deposits. C. always less than total reserves. D. determined by multiplying the level of checkable deposits times the discount rate.
Which of the following statements is true for a normal good?
(a) An increase in income will result in an increase in supply, ceteris paribus. (b) An increase in income will result in an increase in demand, ceteris paribus. (c) An increase in income will result in an decrease in demand, ceteris paribus (d) An increase in income will have no effect on demand, ceteris paribus.
The benefits to trading nations based on comparative advantage accrue from
A. specialization and trading. B. trading only. C. specialization only. D. protection of domestic industries.
Consumer surplus is the difference between the most a person is willing to pay and market price.
Answer the following statement true (T) or false (F)