U.S. exports of services were equal to about ____________ of U.S. exports of goods in 2014, compared to ________ in 1980.
a. one-half; one-fourth
B. one-half; one-third
c. one-half; one-fifth
d. one-half; one-eighth
c. one-half; one-fifth
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The problem for the prisoners in the prisoners' dilemma game in the above table is that
A) the Nash equilibrium is not the best outcome. B) there is no equilibrium outcome. C) neither prisoner has a workable strategy. D) None of the above answers is correct.
Firms that charge a price for their output in excess of marginal cost in the short run
A) are not maximizing profits. B) cannot find buyers for their output. C) are charging a markup. D) will suffer huge losses.
A customs union is:
a. a group of countries that agrees there will be "no rules" about trade—anything goes. b. a group of countries that agrees to eliminate customs fees and containerized shipping charges on goods traded among them. c. a group of countries agreeing to eliminate barriers to trade between themselves but keeping tariffs in place against the rest of the world. d. a group of countries that eliminates trade barriers among themselves and erects a common tariff against all other nations.
Nondefense government spending has been more or less flat going as far back as the
A. 1980s. B. 1940s. C. 1950s. D. 1970s.