Which of the following is not one of the gains from trade discussed in Chapter 14?
A. Increases in domestic employment
B. Lower prices of goods and services
C. Access to natural resources
D. Access to global markets
Answer: A
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Answer the following statement(s) true (T) or false (F)
1. The Robinson-Patman Act was designed to stop resale price maintenance. 2. It is possible for a firm engaging in predatory pricing to make a profit on the good even thought the price is set artificially low. 3. It is possible to avoid the prisoners' dilemma as long as the interaction is repeated and has a definite ending date. 4. Fair trade refers to the fact that retailers are free to set their price in the absence of resale price maintenance. 5. An attorney that finds a loophole in a law has formed a creative response to the law.
If the Fed purchases government bonds, it
A) decreases bank reserves and the supply of money. B) decreases bank reserves but increases the supply of money. C) increases bank reserves and the supply of money. D) increases bank reserves but decreases the supply of money.
The U.S. Department of Agriculture defines the official poverty level as
a. the bottom 10 percent of the income distribution b. the poorest 2 million households c. income less than $15,000 d. income equal to three times the estimated cost of a nutritionally adequate diet e. being unemployed for more than two months
Which of the following factors can change continually in such a way as to bring about continued increases in aggregate demand?
A) autonomous consumption B) autonomous investment C) government spending D) the money supply E) all of the above