The central question in economics is how to:
A. deal with the problem of scarcity.
B. change government economic policy.
C. change people's wants to match their needs.
D. manage money and become wealthy.
Answer: A
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The United States can produce 1,000 shoes if it specializes in shoe production. Alternatively, it can produce 500 shirts. Taiwan can produce 500 shoes or 200 shirts. Explain which country will specialize in shoe production and which in shirt production. What are the possible terms of trade?
What will be an ideal response?
An IMF official was quoted as acknowledging that the Fund's stabilization packages have often led to adjustment without growth
However, he said, "the Fund is a firefighter not a carpenter, and you cannot expect the firefighter to rebuild the house as well as put out the fire." Provide a balanced evaluation of this statement.
Unemployment is a:
A. leading indicator, because the business cycle follows it. B. lagging indicator, because the business cycle follows it. C. leading indicator, because it follows the business cycle. D. lagging indicator, because it follows the business cycle.
An upward spiral of protectionism is a possible outcome of strategic trade policy
a. True b. False Indicate whether the statement is true or false