Refer to Table 9-11. Which country has a comparative advantage in producing clocks?
A) Belize B) Denmark C) both countries D) neither country
B
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The role that dead capital plays in a country's economic growth is that
A) growth increases since the firms using the dead capital are using it for free. B) growth increases because the dead capital is replaced with more technologically efficient capital. C) growth neither increases nor is impaired by dead capital. D) growth is impaired since the capital cannot be allocated to its most efficient use.
When the consumer spends a small portion of his income on a good, demand will be
A) elastic. B) unit-elastic. C) inelastic. D) elastic, unit-elastic or inelastic depending upon supply.
Which of the following are costs incurred by people trying to protect themselves from the effects of inflation?
a. menu costs and shoeleather costs b. menu costs but not shoeleather costs c. shoeleather costs but not menu costs d. menu costs but not shoeleather costs
When the Fed practices contractionary monetary policy, the interest rate goes:
A. up, and the exchange rate will appreciate as a result. B. down, and the exchange rate will depreciate as a result. C. down, and the exchange rate will appreciate as a result. D. up, and the exchange rate will depreciate as a result.