Based on export ratios, which of the following countries is closest to being a closed economy?
A. Belgium.
B. Samoa.
C. Saudi Arabia.
D. China.
Answer: B
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What is the essential characteristic of money?
A) It must be backed by some other tradable commodity. B) It must be backed by gold or silver. C) It must be accepted and used by people as a general medium of exchange. D) It must be declared by government authority.
Refer to the figure above. If A forms a customs union with B, it will import
A) 400 units from B. B) 200 units from C. C) 200 units from each. D) 400 units from B and 200 units from C.
Each of the following, except one, might be a barrier to entry into a labor market. Which is the exception?
a. government restrictions b. cost-of-living differentials c. labor unions d. discrimination e. professional organizations
"The only thing that results from expansionary demand-side fiscal policy is that the price level will rise." The economist who said this most likely believes that
A) there is likely to be a lot of crowding out if government spending rises. B) the AS curve is vertical. C) there is unlikely to be much crowding out if government spending rises. D) investment is interest inelastic. E) b and c