Recall the Application about the supply of shipping services to answer the following question(s).According to the Application, at a relatively low freight rate, only the ________ efficient ships operate, and they save on cost by traveling at a ________ speed.
A. most; fast
B. most; slow
C. least; fast
D. least; slow
Answer: B
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Which of the following statements is correct?
a. Slope is the ratio of the vertical change (the rise or fall) to the horizontal change (the run). b. A direct relationship is one in which two variables change in the same direction. c. An inverse relationship is one in which two variables change in opposite directions. d. An independent relationship is one in which two variables are unrelated. e. All of these.
The trade-creation effect refers to:
a. a reduction in economic efficiency as a result of a preferential trade agreement. b. a production shift to a higher-cost producer as a result of a preferential trade agreement. c. the outcome of a preferential trade agreement that allows a country to obtain goods at a lower cost than is available at home. d. diversion of production from a country that has comparative advantage. e. a production shift to a country that does not have comparative advantage.
A society could achieve a higher level of production if ________.
A. it does not have taxes on imported goods B. each person in the society is a jack-of-all trades C. each person specializes according to their comparative advantage D. it does not trade with other nations
Which of the following best describes a nation's Gross Domestic Product?
A. the total market value of all final goods and services produced in the economy during a year B. the market value of all goods and services produced in the economy, including intermediate goods C. the market value of all goods and services less depreciation D. the constant dollar value of all goods produced in the economy during a year period