Which of the following statements is false?
A) Exports benefit trading countries because exports create jobs. Imports do not benefit trading countries because they result in a loss of jobs.
B) Each year the United States exports about 50 percent of its wheat crop and 20 percent of its corn crop.
C) Most of the leading exporting countries are large, high-income countries.
D) Not all sectors of the U.S. economy are affected equally by international trade.
Answer: A
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Consider two goods: peanuts and crackers. The slope of the consumer's budget constraint is measured by the
a. consumer's income divided by the price of crackers. b. relative price of peanuts and crackers. c. consumer's marginal rate of substitution. d. number of peanuts purchased divided by the number of crackers purchased.
The price elasticity of demand for a particular commodity depends upon all of the following except
A. availability of complementary goods. B. the percentage of a? consumer's total budget devoted to purchasing that commodity. C. the number of close substitutes for that commodity. D. the length of time allowed for price changes of that commodity.
If a bank has $1,000,000 in reserves and checking deposits of $3,000,000, what is the bank’s reserve position if the required reserve ratio is 20 percent?
A. The bank has $500,000 of required reserves and $500,000 of excess reserves. B. The bank has $600,000 of required reserves and $400,000 of excess reserves. C. The bank has $400,000 of required reserves and $600,000 of excess reserves. D. The bank has $200,000 of required reserves and $800,000 of excess reserves.
Which of the following will NOT shift the MRP curve for labor?
A) a change in the productivity of labor B) a change in the price of the product being sold C) a change in the wage rate in the market D) a change in the demand for the product being produced