The Federal Constitution, like the laws under English rule, permitted the U.S. government to
(a) impose taxes to pay for government services and national defense.
(b) regulate commerce with other countries.
(c) create money and regulate its value.
(d) do all of the above.
(d)
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The "fair rules" view of fairness is based on
A) income transfers from the rich to the poor. B) property rights and voluntary exchange. C) utilitarianism. D) the big tradeoff. E) allocating resources using majority rule.
Indirectly, overvalued exchange rates in Latin America caused
A) a capital shortage in agriculture. B) a capital shortage in industry. C) a capital abundance in agriculture. D) a growth in incomes in rural areas. E) an increase in competitive pressures faced by industry.
An example of frictional unemployment is a(n):
a. textile worker permanently laid off due to jobs lost to imports. b. engineer permanently laid off due to advances in technology. c. fast-food restaurant worker who quits work and attends college. d. computer programmer who leaves one job and accepts a new job.
The HeckscherOhlin model of international trade uses _____ and ______ to explain trade patterns.
a. comparative; absolute advantage b. factor abundance; factor intensity c. factor availability; factor usability d. tariffs; quotas