Which of the following is not correct?
a. Economists are generally united in their support of free trade.
b. The conclusions of Adam Smith and David Ricardo on the gains from trade have held up well over time.
c. David Ricardo argued that Britain should not restrict imports of grain.
d. Economists' opposition to trade restrictions is still based largely on the principle of absolute advantage.
d
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Which of the following is a characteristic of a real option?
a. The call option on a stock exercised if some average of the prices of its components passes a critical level. b. The right to postpone construction on the basis of net present value calculation. c. The put option on a stock that need to be paid for (at a predetermined price) if they are actually exercised. d. The right to sell an option at the strike price.
The value (purchasing power) of each unit of money
a. is largely independent of the money supply. b. tends to increase as the money supply expands. c. increases as prices rise. d. tends to decline as the money supply expands in relation to the availability of goods and services.
What are variables that reflect peaks and troughs in economic activity as they occur?
a. Coincident economic indicators b. Lagging economic indicators c. Leading economic indicators d. Productivity indicators
A candidate who understands that in a two-person race the person closer to the center of the voter distribution will win is likely to
A) first take polls to figure out what the voters are thinking and then afterward propose policies that are consistent with the polls. B) first put forth his or her views on a whole host of issues and then afterward take polls to see if the majority of voters agree with him. C) speak in specific terms about what needs to be done. D) a and c E) b and c