Quotas generate tariff revenues for the government.
Answer the following statement true (T) or false (F)
False
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In the figure above, both Joe and Jill initially produce at point A. If Joe and Jill realize that they each possess a comparative advantage, which outcome can we expect?
A) Joe will specialize in shirts and Jill will specialize in pants. B) Joe will specialize in pants and Jill will specialize in shirts. C) Joe and Jill each will be able to consume more than 2 shirts and 2 pairs of pants. D) Both answers B and C are correct.
A firm that knows the market price for its product and its costs can determine how much output that they wish to produce.
Answer the following statement true (T) or false (F)
Answer the following statements true (T) or false (F)
1. Minor cycles have fluctuations which are noticeable and severe. 2. The measurement of a business cycle is obtained by adjusting the real GDP for seasonal variation, the trend, and random fluctuations. 3. Since the Great Depression, business cycles have not been an issue in the United States. 4. A hurricane is considered an external force in business cycle analysis. 5. The period when the level of business activity has dropped as far as it is going to drop in a particular business cycle is known as the trough.
Which of the following is true of the balance of payments accounts?
a. It records only the trade in tangible assets between any two nations. b. It is a record of a country's merchandise trade. c. It records the total external debt used to finance government budget deficits. d. It is recorded biannually in most developed countries. e. It records a country's trade in goods, services, and financial assets with the rest of the world.