How much trade involves shipping goods between the fairly similar high-income economies of the United States, Canada, the European Union, Japan, Mexico, and China?
a. Roughly one-fourth
b. Roughly one-third
c. Roughly one-half
d. Roughly one-fifth
c. Roughly one-half
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Risk management in command economies:
A. is easy because there is no risk. B. is easy because the government controls most activity and can eliminate risk. C. tends to be done poorly because government officials do not understand risk. D. tends to be done poorly because decision makers are insulated from the risk of making a poor decision.
Refer to the diagrams, in which AD 1 and AS 1 are the "before" curves and AD 2 and AS 2 are the "after" curves. Other things equal, a decline in productivity is depicted by:
A. panel (A) only.
B. panel (B) only.
C. panel (C) only.
D. panels (B) and (C).
Which of the following describes the asymmetry Moncur Olson observed in the incentives to support and oppose trade policy?
A) The benefits of those seeking protection outweigh the costs imposed by the protection. B) The benefits of protection are spread out over a large number of firms and industries, but the costs are concentrated on consumers. C) The benefits of policy are concentrated, and the costs are spread out over a large number of participants. D) The costs of protection are concentrated on a few firms, and the benefits of protection are spread out over a large number of consumers.
The flaw of the original Keynesian model of the business cycle is that it
A) assumes away output fluctuations. B) assumes complete wage rigidity. C) assumes unrealistic fooling of workers. D) requires procyclical wage movements and continuous labor market equilibrium.