Which of the following sets of goods might, under the right circumstances, be substitutes for water?
A) Milk and juice
B) Beer and wine
C) Stones and bricks
D) A, B, and C above are all potential substitutes for water.
E) A and B above are potential substitutes for water, but C (stones and bricks) can never be substitutes for water in the real world.
D
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Since the mid-1970s, the average U.S. tariff rate is
A) less than 5 percent. B) between 6 percent and 15 percent. C) between 16 percent and 25 percent. D) between 26 percent and 35 percent. E) larger than 36 percent.
Fiat money has value because: a. it is backed by gold
b. it is divisible. c. it can be used to buy things. d. it can be exchanged for a commodity backing it.
If, due to a recession, foreign workers begin to leave the United States to search for temporary work in their home countries until the recession has ended, this will
A) shift the short-run aggregate supply curve of the home country to the left. B) shift the short-run aggregate supply curve of the home country to the right. C) move the home country's economy up along a stationary short-run aggregate supply curve. D) move the home country's economy down along a stationary short-run aggregate supply curve.
Refer to the information provided in Table 33.5 below to answer the question(s) that follow. Cashews are measured in bushels and tea is measured in pounds (lbs.)
Table 33.5
Refer to Table 33.5. In Vietnam, the opportunity cost of
A. a lb. of tea is 2/15 of a bushel of cashews. B. a lb. of tea is 40 bushels of cashews. C. a bushel of cashews is 4/3 of a lb. of tea. D. a lb. of tea is 1/8 of a bushel of cashews.