Comparative advantage is the ability of a country to produce a good at a ________ opportunity cost relative to other countries
a. higher
b. lower
c. equivalent
d. none of the above
b
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As a result of a tariff on imports,
a. imports will fall, exports will fall, and total output will decline. b. imports will fall, exports will rise, and total output will decline. c. imports will rise, exports will fall, and total output will expand. d. imports will rise, exports will rise, and total output will expand.
What is the proper characterization of the European Union (EU), and what is its primary accomplishment?
A. The EU is a regional trade bloc which controls the money supply in each member country. B. The EU is a trade treaty that provides a forum where member countries can resolve their trade disputes. C. The EU is a trading cooperative that protects member countries from unfair trade tactics by non-member countries. D. The EU is a regional trade agreement that has eliminated most trade barriers among member countries.
When the United States is described as having a dual system of health care, this means that:
A. government provides basic health insurance for all Americans and private insurance covers services beyond the basic level. B. high-quality care is provided in urban areas, but care in rural areas is of poor quality. C. those Americans with good insurance or substantial wealth receive world-class health care, while those without insurance receive no or low-quality health care. D. the high-risk segment of the population is required to have health insurance, while the low- risk sector is not.
One reason a bank's officer may be reluctant to write off a past-due loan is that it will:
A. increase the bank's liabilities and assets, requiring more capital to be held. B. make the bank's accounts less transparent. C. decrease the bank's assets and capital. D. increase the bank's liabilities.