Which of the following is an argument for globalization?
a. Poor countries compete for multinational firms by allowing lax environmental standards.
b. Multinational firms tend to pay lower wages than local firms.
c. The benefits of globalization to all consumers greatly outweigh the loss of jobs to international competition.
d. Removal of restrictions against agricultural products would cause workers in rich countries to lose their jobs.
e. The increased integration of the world's economies has been associated with lax environmental and labor standards in most countries.
c
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A constitutional balanced budget amendment would
A) require a majority vote of Congress to authorize spending increases. B) require that the federal government maintain a balanced operating budget only. C) require that federal expenditures equal revenues (excluding borrowing). D) divide the federal budget into a capital budget and an operating budget.
Based on the assumptions in the Application, should Rory hire a gardener or cut the weeds himself?
A) He should hire the gardener because he would save $800. B) He should cut the weeds himself because he would save $1,000. C) He should hire the gardener because he would save $1,000. D) He should cut the weeds himself because he would save $200.
Items that are purchased by individuals for their own enjoyment are called
A) consumption goods and services. B) capital goods. C) government goods and services. D) exports of goods and services. E) private goods.
Cruise liners offer last minute deals because
a. The marginal cost is higher than the marginal revenue since fixed costs are sunk b. The marginal costs of an additional passenger are very low at that point and companies gain by lowering prices c. The average cost of an additional passenger is very low at that point and companies gain by lowering prices d. All of the above