Recall the Application about how Greek citizens began to hold large amounts of cash in 2015 to answer the following question(s). According to this Application, residents of Greece in 2015 ________ withdrawals of funds from their banks in order to hold ________ cash.
A. increased; less
B. increased; more
C. decreased; less
D. decreased; more
Answer: B
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For which of the following problems can well-designed public policy enhance economic efficiency?
a. both externalities and market power b. externalities, but not market power c. market power, but not externalities d. neither externalities nor market power
Taxes constitute the difference between GDP and disposable income.
Answer the following statement true (T) or false (F)
In the following figure, AB is the production-possibility curve of Canada. The line PQ shows the price ratio of one bushel of wheat/bale of cotton. The international price ratio is 0.25 bushels of wheat/bale of cotton as shown by the line RS. I1 and I2 are two of the community indifference curves of Canada. Which of the following can be inferred from this figure?
A. Canada has a comparative advantage in the production of wheat. B. Canada has an absolute advantage in the production of both goods. C. Canada has an absolute disadvantage in the production of both goods. D. Canada has a comparative advantage in the production of cotton.
A free trade agreement plus a common set of tariffs toward non-members is called
A) a common market. B) a customs union. C) a free trade area. D) an economic union. E) a partial trade agreement.