The United Kingdom (UK) is composed of the following individual countries
A. England, Scotland, Wales, and Ireland
B. England, Scotland, Wales, and Northern Ireland
C. England, Scotland, and Wales
D. England, Scotland, Ireland, and Northern Ireland
Answer: B
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Which of the following statements is true of the gains to trade?
A) The gains to trade expand as trading partners become more alike. B) The gains to trade shrink as trading partners become more alike. C) The trading nations can enjoy gains to trade even when none of these countries has a comparative advantage in the production of any good. D) The gains to trade are equal for all trading partners.
When the actual unemployment rate is likely to exceed the natural rate of unemployment, as in the time intervals between t1 and t2 and t3 and t4 in Figure 1-1 above, we can expect that
A) inflation is speeding up and real GDP is likely to exceed natural GDP. B) inflation is slowing down and real GDP is likely to fall below natural GDP. C) inflation is speeding up and natural GDP is likely to exceed real GDP. D) inflation is slowing down and real GDP is likely to exceed natural GDP.
The ultimatum bargaining game is a game in which:
A. the second player doesn't know the strategy choice of the first player. B. both players give each other an ultimatum. C. the first player confronts the second player with a take-it-or-leave-it offer. D. both players have a dominant strategy to cheat the other player.
Suppose that the inverse demand for a downstream firm is P = -82 ? 2Q. Its upstream division produces a critical input with costs of CU(Qd) = 3(Qd)2. The downstream firm's cost is Cd(Q) = 2Q. When there is no external market for the downstream firm's critical input, the downstream firm should produce:
A. 14 units. B. 10 units. C. 12 units. D. 8 units.