The argument that trade in high-tech equipment can facilitate the implementation of advanced military technology in countries that may become strategic opponents later on is the
A) national security argument.
B) infant industry argument.
C) protecting domestic jobs argument.
D) environmental and safety argument.
Ans: A) national security argument.
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To shift the RS curve rightward as illustrated, the Fed has ________ government securities in the open market. The Fed will undertake this type of policy if it is concerned about ________
A) sold; recession B) sold; inflation C) bought; recession D) bought; inflation E) None of the above answers is correct.
Based on the above table, which of the following is the efficient quantity of output?
A) 31 B) 16 C) 32 D) None of the above answers is correct.
In the above figure, below what minimum price will a perfectly competitive firm shut down rather than produce?
A) for any price less than $16 per unit B) for any price less than $12 per unit C) for any price less than $8 per unit D) for any price less than $4 per unit
Refer to Table 2-30. This table shows the number of labor hours required to produce a wristwatch and a bushel of rice in Japan and Thailand
a. Which country has an absolute advantage in the production of wristwatches? b. Which country has an absolute advantage in the production of rice? c. What is Japan's opportunity cost of producing one wristwatch? d. What is Thailand's opportunity cost of producing one wristwatch? e. What is Japan's opportunity cost of producing one bushel of rice? f. What is Thailand's opportunity cost of producing one bushel of rice? g. If each country specializes in the production of the product in which it has a comparative advantage, who should produce wristwatches? h. If each country specializes in the production of the product in which it has a comparative advantage, who should produce rice?