Initially, the U.S. and the IMF believed that
A) the Debt Crisis would require long-term structural changes.
B) Latin American economies did not need assistance.
C) capital inflows would be unable to solve the debt problems.
D) the Debt Crisis was a temporary liquidity problem.
D
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Suppose an American worker can make 20 pairs of shoes or grow 100 apples per day. On the other hand, a Canadian worker can produce 10 pairs of shoes or grow 20 apples per day. The opportunity cost of a pair of shoes is __________ for the United States than Canada, so Canada has the ______________ advantage in shoe production.
A. higher; comparative B. lower; comparative C. higher; absolute D. lower; absolute
People achieve ____ ____ when they are free to ___ with people in other countries
Fill in the blank(s) with the appropriate word(s).
Which of the following statements about fiat money is correct?
a) Fiat money has intrinsic value. b) Fiat money is not accepted as money. c) Fiat money is legal tender by government decree. d) Fiat money can only be electronic.
In the short run, a firm's output level is 5 units. Its average cost is $40 and its fixed cost is $50. What is this firm's variable cost of producing 5 units?
A) VC = $50 B) VC = $100 C) VC = $150 D) VC = $175