Determining the absolute advantage of a country requires that you look at
A. external costs.
B. the output per worker in each country.
C. accounting and economic profit.
D. opportunity cost.
Answer: D
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In 2012, consumers in Dexter consumed only books and pens. The prices and quantities for 2012 and 2013 are listed in the table above. The reference base period for Dexter's CPI is 2012. What is the CPI in 2013?
A) 59 B) 129 C) 169 D) 102
Which of the following is an accurate difference between durables and nondurables?
a. When GDP rises rapidly, spending on durables soars while spending on nondurables remains stable. b. When GDP drops, spending on durables remains stable while spending on nondurables plummets. c. When GDP rises rapidly, spending on durables drops while spending on nondurables soars. d. When GDP drops, spending on both durables and nondurables also plummets.
Investing in financial instruments in today's economy:
A. is an activity practiced only by the wealthy. B. is made easier by the use of mutual funds. C. involves costly transactions. D. requires a relatively large sum of money to invest (more than $100,000).
What was the GATT, why was it established, and why and with what was it replaced?
What will be an ideal response?