Field (2003) claims that the period from 1929 to 1941 was the strongest period of what in U.S. history?
(a) Technological advancements
(b) Monetary policy
(c) Government action
(d) Internationalization
(a)
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In the United States the assignment of tasks and distribution of benefits
A) is determined by business firms. B) is determined democratically. C) is negotiated among potential buyers and potential sellers. D) leaves all parties free to do as they prefer. E) rests upon the principle of consumer sovereignty.
Suppose an American worker can make 20 pairs of shoes or grow 100 apples per day. On the other hand, a Canadian worker can produce 10 pairs of shoes or grow 20 apples per day. When trade opens up, the United States should produce:
A. apples, since they have a comparative advantage in the production of apples, and not trade. B. only apples, since they have a comparative advantage in the production of apples, and trade for shoes. C. only shoes, since they have a comparative advantage in the production of shoes, and not trade. D. both goods, since they have an absolute advantage in both goods, and not trade.
One reason stagflation is difficult to recover from is because:
A. less output requires less inputs to be hired. B. prices tend to adjust more quickly downward than upward. C. wages are sticky downward. D. input prices increase with output prices.
The figure below shows the U.S. market for imported wine. For simplicity, we consider export supply curves to be flat. Chilean wine is available for $480 per barrel and French wine is available for $420 per barrel.
Suppose the United States has a tariff of $80 per barrel on imported wine. Then, the United States joins a free-trade area with Chile. What will be the change in the net national surplus after the United States enters into a free-trade agreement with Chile?
A. -$970 million B. -$50 million C. +$50 million D. +$250 million