Which of the following is true about the U.S. trade with Ireland post-1990?
a. The U.S. became a net exporter of software to Ireland.
b. Output of potato per acre doubled with the introduction of new techniques, making the U.S. a net exporter of potatoes to Ireland.
c. The U.S. production set shifted inward and Ireland gained advantage in the production of both software and potatoes.
d. Productivity growth in the U.S. software industry was higher despite the cost-shifting innovations witnessed Ireland.
B
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When one person knows more than another, it creates a situation:
A. in which the transaction is always regretted. B. called information asymmetry. C. in which the transaction will not occur. D. called information dominance.
The government sets up a lighthouse to prevent ships from crashing into rocks near the shore. The lighthouse is an example of a _____
a. merit good b. club good c. public good d. private good
As a portion of total assets measured in billions of dollars, the most important asset on the Fed's balance sheet is:
A. gold. B. foreign exchange reserves. C. securities. D. loans.
Under current federal antipoverty programs,
A. economic equality is promoted at the least possible cost in economic efficiency. B. a family’s benefits do not depend on its earnings from work. C. a family’s total income (cash and in-kind benefits) may actually fall if its earnings from work rise. D. families with children are entitled to no more assistance than families without children.