The world's most important reserve currency is the
A. American dollar.
B. British pound.
C. German mark.
D. Japanese yen.
A. American dollar.
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During the Napoleonic Wars (1793-1815),
a. America experienced periods of full employment. b. urbanization increased sharply. c. America bore the brunt of the mercantilist policies of both England and France. d. Both a and c are correct. e. Both a and b are correct.
You put money in the bank. The increase in the dollar value of your savings
a. and the change in the number of goods you can buy with your savings are both nominal variables. b. and the change in the number of goods you can buy with your savings are both real variables. c. is a nominal variable, but the change in the number of goods you can buy with your savings is a real variable. d. is a real variable, but the change in the number of goods you buy with your savings is a nominal variable.
Which of the following is not an example of a public good that the government has made excludable?
A. State colleges. B. Toll roads. C. City buses. D. Fire Protection.
Which of the following is an implication of the law of comparative advantage?
a. Countries with small amounts of labor relative to capital should specialize in producing labor-intensive commodities.
b. Since workers in high-income countries utilize larger amounts of capital than workers in less developed nations, trade between capital-rich and capital-poor nations results in the exploitation of labor in the less developed countries.
c. Countries that are high cost producers of agricultural products should trade those products for goods they can produce only at a low opportunity cost.
d. Countries that are low opportunity cost producers of timber products should trade those products for goods they can produce only at a high opportunity cost.