In an open economy, this country will ________ million bushels of corn.
A. export 600
B. import 150
C. export 300
D. import 600
Answer: A
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The economy suffered a mild recession in 2001. Despite the recession, home sales and durable goods sales remained high. Which of the following is a plausible explanation?
A) The Fed's pursuit of contractionary policy stimulated these markets. B) The Fed caused a reduction in the federal funds rate to its lowest level in 40 years. C) Home building and consumer durable purchases are always high during a recession. D) Rising inflation encouraged many to invest in the real estate market.
Refer to Figure 5-6. What does D2 represent?
A) the demand curve reflecting marginal social benefits B) the positive externalities curve C) the demand curve reflecting marginal private benefits D) the social welfare curve
Accumulating debt poses a problem for the U.S. federal government because
A) it is currently in danger of defaulting on the debt. B) the debt has to ultimately be paid off. C) building roads and bridges do not yield enough benefits to justify their cost. D) a large debt-to-GDP ratio causes crowding out.
According to the text, as compared to rich countries, most of the poor countries do not fare well because:
a. they have no oil. b. the people in these countries have limited property rights. c. access to education in these countries is very limited. d. high tariffs in these countries prevent international trade. e. they do not have any natural resources.