In 1991, the European Union began the process of forming the
A. first international trade agreement in the world.
B. largest free-trade zone in the world.
C. only continental military force in the world.
D. first unified currency in the world.
Answer: B
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Assume that Germany can produce 10 million bottles of beer or 4 million bottles of vodka. Further assume that Russia can produce 7 million bottles of beer or 3 million bottles of vodka. As a result, which of the following is true with regard to absolute and comparative advantage?
a. Germany has the absolute advantage in beer and the comparative advantage in beer. b. Germany has the absolute advantage in beer and the comparative advantage in vodka. c. Russia has the absolute advantage in beer and the comparative advantage in beer. d. Russia has the absolute advantage in beer and the comparative advantage in vodka.
Even though monetary policy is neutral in the short run, it may have profound real effects in the long run
a. True b. False Indicate whether the statement is true or false
Suppose buyers in the used car market are willing to pay $8,000 for a plum (high-quality) used car and $3,000 for a lemon (low-quality) used car. If buyers believe that 20% of the used cars on the market are lemons (low quality), what would they be willing to pay for a used car?
A. $7,000 B. $6,000 C. $5,000 D. $4,000
Which of the following is a positive economic statement?
A. We should try to eliminate poverty in the United States. B. If the price of eggs increases, the quantity demanded of eggs will fall. C. Policymakers should strive to eliminate government budget deficits. D. The President of the United States should promote high employment growth in the United States.