Which group of countries benefits most from trade?
a. low-income countries
b. low- and medium-income countries
c. high-income countries
d. medium- and high-income countries
a. low-income countries
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Tastes are assumed to be identical across countries to rule out differences in demand determining the direction of trade
Indicate whether the statement is true or false
According to the Global Watch, a recent study on Chilean bus drivers revealed that drivers who are paid by the number of passengers rather than by the hour were far more productive because: a. bus drivers do not like to work that hard
b. bus drivers are responding to average costs. c. bus drivers don't like to work on the clockâgetting paid by the hour. d. bus drivers, like most of us, respond to incentives.
Structural unemployment is a variation in unemployment caused by:
a. individuals lacking skills valued by the labor market. b. people changing jobs within the economy. c. seasonal changes in the weather such as the temperature getting hotter. d. organizational structural changes.
Suppose we were analyzing the Turkish lira per euro foreign exchange market. If Turkey's real GDP falls relative to the Euro-Area and nothing else changes, then the:
a. The supply of euros in the foreign exchange market rises, and the euro depreciates. b. The demand for euros in the foreign exchange market rises, and the euro appreciates. c. The demand for euros in the foreign exchange market falls, and the euro depreciates. d. The supply of euros in the foreign exchange market falls, and the demand for euros in the foreign exchange market falls, causing the euro to rise in value. e. The supply of euros in the foreign exchange market rises, and the demand for euros in the foreign exchange market falls, causing the euro to fall in value.