Which of the following statements is false?
What will be an ideal response?
If there are only two goods, guns and butter, it is possible to produce more of both goods if the economy is currently operating at a productive efficient point.
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China's growth rate has ________ that of most other countries, ________
A) topped; but its real GDP per person is still lower than other industrialized countries B) lagged behind; and its real GDP is close to other Asian economies C) lagged behind; but its real GDP per person is higher than other Asian economies D) topped: but its real GDP per person declined in 2008-09 E) equaled; and its real GDP per person declined in 2008-09
The total amount of copper in the earth is not increasing. Does this mean that in the market for copper, the supply curve is perfectly inelastic? Explain
What will be an ideal response?
Refer to the information provided in Table 22.2 below to answer the question(s) that follow.
Table 22.2
Refer to Table 22.2. The total number of people employed is
A. 180 million. B. 153 million. C. 135 million. D. 117 million.
Answer the following statements true (T) or false (F)
1. An appreciation of its currency would tend to worsen the trade deficit of a nation. 2. Tariffs benefit the domestic producers, but hurt the consumers. 3. Tariffs and quotas benefit American consumers because they protect the market for domestic products. 4. One of the cardinal principles of the General Agreement on Tariffs and Trade was the need for bilateral negotiations for trade disputes. 5. The basic purpose of the World Trade Organization is to monitor the amount of trade between nations and issue a yearly report.