Who among the following is most likely to favor an appreciation of the U.S. dollar?
a. a British professor visiting New York
b. an American farmer whose business depends on exports
c. an American professor on a tour of Italian museums
d. Disneyland in Los Angeles, California, a popular destination for foreign tourists
e. a Japanese retailer whose business depends on imports from the U.S.
c. an American professor on a tour of Italian museums
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Suppose Joe can prepare 20 sandwiches or 10 pizzas in an hour and Beth can produce 36 sandwiches or 27 pizzas. The concept of comparative advantage concludes that
A) Beth should produce both goods because she can produce more of both goods in an hour than can Joe. B) Beth should produce sandwiches and Joe should produce pizza. C) Beth should produce pizza and Joe should produce sandwiches. D) Beth should produce both goods and Joe should produce sandwiches.
The tradeoff for monetary policy represented by the Phillips curve is
a. lower inflation for lower output. b. lower inflation for higher unemployment. c. lower inflation for higher employment. d. higher expected inflation for higher output. e. none of the above.
Which of the following is an example of a negative externality?
A. planting flowers in your front yard B. talking loudly when others are trying to study economics C. people donating money to charity D. a smoker getting lung cancer
Why does the government grant patents universally rather than just to those products that would not be developed without a patent?
What will be an ideal response?