Specialization in production and then trading with other countries
A. Change the mix of output for each country and increase total world output.
B. Increase the standard of living for rich countries but not for poor countries.
C. Mean that every citizen in every country is better off.
D. Change the mix of output for rich countries but not for poor countries.
Answer: A
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Figure 36-5
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Which of the graphs in Figure 36-5 are consistent with an appreciation of the U.S. dollar caused by an increase in U.S. interest rates?
A. 1 B. 2 C. 3 D. 4
Economists may disagree about how to solve an economic problem because they
A. use different models to analyze the problem and its solutions. B. have different political and moral beliefs. C. disagree about the facts of the situation. D. All of these responses are correct.
In a market economy, access to goods and services is increased by ______.
a. social programs b. education c. random selection d. seniority
If resources are limited
a. people will rush to buy more goods that they would otherwise b. businesses will sell more products that they would otherwise c. choices must be made which involve tradeoffs d. all individuals are deprived of basic necessities