Which group has fared the worst in the globalization process?
A. International traders
B. Skilled workers in the non-tradable sector
C. Government workers
D. Workers involved in the manufacture of commodities
Answer: D
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If Brazil voluntarily ships coffee to the United States in return for airplanes,
a. Brazil will benefit, but the United States will lose. b. one of the two nations will benefit and the other nation will lose since the trade does not increase the physical quantities of coffee and airplanes available. c. both Brazil and the United States will benefit since the trade allows each nation to acquire items. d. both Brazil and the United States will lose since there is no increase in the production of coffee or airplanes and the trade will involve certain transaction costs.
Suppose Dana purchases an iTune download of her favorite song. This purchase has taken place in the
A. factor markets. B. resource markets. C. product markets. D. black markets.
The Taste Freeze Ice Cream Company is a perfectly competitive firm producing where MR = MC. The current market price of an ice cream sandwich is $5.00. Taste Freeze sells 200 ice cream sandwiches. Its AVC is $8.00 and its AFC is $3.00. What should Taste Freeze do?
A. Shut down and produce zero sandwiches because price is less than AVC. B. Continue to produce because price exceeds AFC. C. Decrease production so that AVC will decrease. D. Increase production so that AFC will decrease.
Based on the figure below. Starting from long-run equilibrium at point C, an increase in government spending that increases aggregate demand from AD to AD1 will lead to a short-run equilibrium at point ________ creating _____gap. 
A. D; an expansionary B. B; no output C. B; expansionary D. A; a recessionary