About ________ of research on new medicines is carried out in the United States
A) 10 percent B) one-half C) two-thirds D) 90 percent
C
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Your roommate Hansen argues that American producers cannot compete with foreign producers because wages are lower in foreign countries than in the United States. Hansen
A) is incorrect. Free trade raises living standards by increasing economic efficiency. B) is advancing the anti-dumping argument for protectionism. C) is correct in arguing that the high wages of U.S. workers make it impossible to compete with workers in low-wage countries. D) is right in asserting the need to protect high wages if the United States wishes to maintain its high standard of living.
Suppose an item sells for $125 in the United States and for 62,500 pesos in Chile. According to the law of one price, the nominal exchange rate (pesos/dollar) should be ________
A) 31,313 B) either $125, or 62,500 pesos, but not both C) 0.002 D) 500
The consumption function shows the relationship between consumption and:
a. interest rates. b. saving. c. price level changes. d. disposable income.
From the viewpoint of the entire economy, the cost of government is
a. equal to the amount of taxes collected. b. greater than the amount of taxes collected. c. less than the amount of taxes collected. d. equal to the level of government expenditures.