An arrangement in which a group of countries give each other preferential trade terms is
a. Generalized System of Preferences
b. customs union
c. foreign trade zone
d. General Agreement on Tariffs and Trade
e. all of the above
B
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A downward movement along the investment demand curve would be caused by a(n):
a. increase in the expected rate of return on investment caused by an increase in business confidence. b. decrease in the expected rate of return on investment caused by a decrease in business confidence. c. increase in the rate of interest. d. decrease in the rate of interest.
In order to be successful in a market economy, entrepreneurs must
What will be an ideal response?
The income and living standards of a nation will increase when
A) the availability of goods and services that people value increases. B) the imports of goods and services fall. C) jobs are protected and total employment expands. D) the prices of goods and services increase.
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The economy is currently at Point A. The opportunity cost of moving from Point A to Point B is the
A. 30 LCD televisions that must be forgone to produce 60 additional OLED televisions. B. 90 LCD televisions that must be forgone to produce 20 additional OLED televisions. C. 30 LCD televisions that must be forgone to produce 20 additional OLED televisions. D. 120 LCD televisions that must be forgone to produce 40 additional OLED televisions.