The purchases and sales of international reserve assets such as dollars, foreign exchanges, gold, and special drawing rights (SDRs) by a nation's central bank is recorded in the _____
a. current account
b. capital account
c. official reserve account
d. savings account
c
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What group is committed to lowering trade barriers between nations?
a. United Nations b. European Union c. World Trade Organization d. OPEC
Historically, controlling who was able to vote was an important tool:
A. to attract greater participation in the political system. B. for those who wanted to keep other groups out of power. C. to discourage some from participating in policy making. D. for those seeking to create policy that was beneficial for all.
A rational citizen may decide not to vote __________.
a. but is then behaving in an irrational manner even if they are utility maximizing b. if the issues are not interesting to them even though the cost of obtaining information and voting are low c. if the cost of obtaining information about the issues and voting are greater than the chance their one vote will influence the election d. if the benefits of voting are low or non-existent even when the costs of voting are low
Iceland can produce 32 units of food per person per year or 16 units of clothing per person per year, but Lavaland can produce 24 units of food per year or 12 units of clothing. Which of the following is true?
A. Iceland has both a comparative and absolute advantage in producing food. B. Iceland has a comparative advantage, but not an absolute advantage in producing food. C. Lavaland has both a comparative and absolute advantage in producing clothing. D. None of the above are true.