The aggregate production function relating real GDP to labor hours
A) has a constant slope.
B) has a negative slope.
C) has a positive slope and becomes steeper as employment increases.
D) has a positive slope and becomes less steep as employment increases.
D
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An American farmer buys an irrigation system from a Norwegian irrigation company based in Oslo. To Americans, the irrigation system is a(n)
A) import. B) export. C) quota. D) tariff.
According to Douglass North, the Industrial Revolution occurred in England because
A) the British Parliament instituted a command economy structure and implemented a planned economy. B) the British courts became tied to the king and began to refuse to enforce property rights. C) the British Parliament took control of the government and could credibly commit to upholding property rights. D) the British monarchy took control of the government and pledged not to raise taxes arbitrarily.
When the WTO met in Seattle to initiate a further move towards free international trade, thousands of activists met
A) in order to promote the WTO's goals of "Trade-not Aid." B) in order to laud the WTO policy orientation which would bust local monopolies and therefore help ordinary relatively poor consumers everywhere. C) in order to laud the WTO policy of disallowing government sweetheart deals, which typically meant that corrupt governments subsidized their in-laws' conglomerates on the backs of poor taxpayers. D) in order to support the WTO efforts of bringing about a universal shift of resources in poor countries to higher efficiency and productivity uses, which would raise the real incomes of everyone. E) in order to protest WTO free trade policies that they believed hurt workers.
In the winter of 2001-2002, Argentina's overvalued currency reflected a(n)
a. balance of payments surplus. b. balance of payments deficit. c. surplus of exports over imports. d. excess demand for Thai currency.