When a U.S. company establishes a call center in India that answers its customer service calls, the United States is
A. outsourcing, a form of importing services
B. outsourcing, a form of exporting services
C. insourcing, a form of importing services
D. insources, a form of exporting services
Ans: A. outsourcing, a form of importing services
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The ease with which an asset can be converted into a medium of exchange is known as
a. volatility b. liquidity c. currency d. Gresham's Law e. speculative exchange
The Millennium Development Goals indicate that
a. extreme poverty can only be eliminated by introducing democratic norms. b. the alleviation of extreme poverty is a moral responsibility that cannot be ignored. c. foreign direct investment actually ends up increasing global poverty. d. there is little evidence that institutionalized programs reduce global poverty.
What is the expected outcome when trade occurs in a monopolistically competitive industry if the nations have similar tastes, technology, products, and costs?
a. No trade is possible. b. Consumers are left with no choices. c. Each firm has a larger market in which to sell, and consumers have more choices of sellers and products. d. Transportation costs become the driving factor.
In a closed economy, without the government, the consumption expenditure equals $5,000 and the investment expenditure equals $2,000.What is the national income of the economy?
A) $2,000 B) $5,000 C) $7,000 D) $10,000