Contributors to an expanded global trade in recent years have included all of the following EXCEPT
A. greater ease of communication with the Internet and other technology.
B. lower costs of shipping with the use of shipping containers and larger ships.
C. a decline in the differences in comparative advantages across nations.
D. a reduction in tariffs, quotas, and other legal barriers to trade.
Answer: C
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If inflation in the United States is higher than in Japan, what will happen to the exchange rate between the U.S. dollar and the Japanese yen?
a. The dollar and yen will both depreciate. b. The dollar and yen will both appreciate. c. The dollar will depreciate and the yen will appreciate. d. The dollar will appreciate and the yen will depreciate.
A Korean steel company produces steel in the United States, with some of its steel being exported to other nations and some of it being sold within the United States. If the prices of this steel increase, then
a. the GDP deflator and the CPI will both increase. b. the GDP deflator will increase and the CPI will be unchanged. c. the GDP deflator will be unchanged and the CPI will increase. d. the GDP deflator and the CPI will both be unchanged.
Which statement is false?
A. Before the Civil War about three quarters of the farms of over 500 acres were located in the South. B. The great abundance of land was the most influential factor in the United States' economic development during the 19th century. C. Although the percentage of Americans living on farms has declined substantially over the last 70 years, the actual number of people living on farms has remained constant. D. None of the statements are false.
The tools of monetary policy for altering the reserves of commercial banks are the:
a. Discount rate, reserve ratio, and open-market operations b. Tax rate and level of government spending c. Consumer price index and unemployment rate d. Public debt, budget surplus, and budget deficit