Which of the following is closest to being a full economic union?
A. The North American Free Trade Agreement (NAFTA)
B. The Trans-Pacific Partnership
C. The Southern Common Market (MERCOSUR)
D. The European Union (EU)
Answer: D
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If the price level in the U.S. is 120, the price level in South Africa is 140, and the nominal exchange rate is 7 South African rands per dollar, then the real exchange rate is
A) 6 South African goods per U.S. good. B) 8.4 South African goods per U.S. good. C) 9.8 South African goods per U.S. good. D) 1.4 South African goods per U.S. good.
The experience of Paul Volcker's fight against inflation during the late 1970s and early 1980s indicates that firms and workers may have
A) had adaptive expectations. B) had rational expectations but didn't trust Fed announcements. C) preferred high unemployment to high inflation. D) Both A and B are correct answers.
What do economists mean when they use the phrase "excess burden" as it relates to taxes?
What will be an ideal response?
What is the opportunity cost of 1 ton of oranges for the nations of Argentina and Brazil, respectively?
A. .25 ton of apples and .5 ton of apples B. 10 tons of apples and 4 tons of apples C. .5 ton of apples and .25 ton of apples D. 4 tons of apples and 2 tons of apples