A country that can produce a good using fewer resources than another country has a(n):
a. lower opportunity cost of producing the good than another country.
b. absolute advantage.
c. specialization in the production of the good.
d. all of these.
b
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________ is an odorless and colorless gas, a product of the combustion of fossil fuels and burning wood. It is a leading cause of accidental poisoning in the U.S
a. Radon b. Carbon monoxide (CO) c. Nitrogen dioxide d. Sulfur dioxide
The ability to quickly convert an asset into cash is
A) disintermediation. B) the standard of deferred payment. C) financial intermediation. D) liquidity.
The theorists of the rational expectations school:
a. favor monetary rules because they believe individuals know too little about how the economy works b. favor monetary rules so that workers and firms do not get any unanticipated surprises from the Fed. c. are those who favor an "active approach" to policy and reject monetary rules. d. oppose any monetary rules because they believe rules impede the natural self-correcting mechanism of the economy. e. do not believe in implementing discretionary policies.
Unemployment that occurs when there are not enough jobs for the number of people in the labor force is referred to as:
A. Frictional unemployment. B. Structural unemployment. C. Cyclical unemployment. D. Seasonal unemployment.