Bob traps lobsters in Maine and sells them to a restaurant in Mexico. Other things the same, these sales
a. increase U.S. net exports and have no effect on Mexican net exports.
b. increase U.S. net exports and decrease Mexican net exports.
c. decrease U.S. net exports and have no effect on Mexican net exports.
d. decrease U.S. net exports and increase Mexican net exports.
b
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All of the following are elements in the structure of the Fed EXCEPT the
A) 12 Federal Reserve Banks. B) presidents of the 12 Federal Reserve Banks. C) Executive Council to the Governor. D) Board of Governors. E) Federal Open Market Committee.
The United States can benefit from voluntary trade a. only with nations that can produce goods the United States cannot produce. b. only with developing nations
c. only with nations in Europe. d. with any nation.
In a command socialist economy:
A) resources are government owned but individuals make some decisions over their use. B) resources are government owned and government exercises broad power over their use. C) resources are privately owned and individuals make decisions over their use. D) resources are privately owned but government exercises broad power over their use.
The concept of opportunity cost:
A. is irrelevant in socialistic economies because of central planning. B. suggests that the use of resources in any particular line of production means that alternative outputs must be forgone. C. is irrelevant if the production possibilities curve is shifting to the right. D. suggests that insatiable wants can be fulfilled.