Poor nations typically have a competitive advantage in agricultural goods because of
A. Plenty of land.
B. Low labor costs.
C. High productivity.
D. Entrepreneurial incentives.
Answer: B
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If the Fed injects reserves into the banking system and they are held as excess reserves, then the money supply
A) increases by only the initial increase in reserves. B) increases by only one-half the initial increase in reserves. C) increases by a multiple of the initial increase in reserves. D) does not change.
The economic way of thinking stresses that
a. greed is the primary motivation for human action. b. as the benefits of an option increase, people will be more likely to choose that option. c. an objective value can be attached to physical goods. d. as the cost of an option decreases, people will be less likely to choose that option.
If we observe a decrease in the price of a good and a decrease in the amount of the good bought and sold, this could be explained by a(an):
A. increase in the supply of the good. B. increase in the demand for the good. C. decrease in the demand for the good. D. decrease in the supply of the good.
The ________ the future payment, the ________ its present value, all other things held constant.
a. smaller; the more uncertain is b. bigger; smaller c. bigger; greater d. smaller; greater