Actual expenditure is to planned expenditure as ________ is to ________
A) desire; accomplishment
B) aggregate demand; aggregate supply
C) output; income
D) observed; theoretical
E) fluctuation; equilibrium
D
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Refer to Table 2-20. What is Thailand's opportunity cost of producing one wristwatch?
A) 0.05 pounds of rice B) 20 pounds of rice C) 25 pounds of rice D) 60 pounds of rice
The traditional industrial policy of import substitution:
A. has been successful for those countries that managed to pick the "right" industries. B. has been successful for the great majority of countries. C. is generally unsuccessful in the real world. D. is used by most countries with some degree of success.
The scenario in which the trade deficit slowly shrinks over time is called the
a. soft-landing scenario. b. hard-landing scenario. c. fair-trade scenario. d. free-trade scenario. e. protectionist scenario.
All of the following are true for a monopsonist except
A. The demand for labor is the same as the marginal revenue product of labor. B. The derived demand for labor is downward-sloping. C. The market demand for labor is upward-sloping. D. The marginal factor cost for labor exceeds the wage rate.