Which of the following is a true statement about obstacles to increased economic integration?
A) Countries generally agree about appropriate environmental standards.
B) Domestic policies do not affect international trade.
C) Production changes due to trade redistribute income fairly.
D) Adopting common standards gives an advantage to firms that already meet those standards.
D
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Suppose it takes Dan 5 minutes to make a sandwich and 15 minutes to make a smoothie, and it takes Tracy 6 minutes to make a sandwich and 12 minutes to make a smoothie. What is the opportunity cost to Dan of making a sandwich?
A. 15 smoothies B. 5 smoothies C. 3 smoothies D. 1/3 of a smoothie
Vertical integration often aims to
a. Prevent the retailers from defeating upstream price discrimination through arbitrage b. Avoid paying higher taxes c. Serve as a "signal" of the manufacturer's belief of the likely success of his product d. All of the above
Recessions in Canada and Mexico would cause
a. the U.S. price level and real GDP to rise. b. the U.S. price level and real GDP to fall. c. the U.S. price level to rise and real GDP to fall. d. the U.S. price level to fall and real GDP to rise.
Starting from long-run equilibrium, a decrease in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. higher; potential D. lower; higher