In international trade, if a country has a "comparative advantage" in a product this means:
it is relatively more efficient than other countries in making the product
it is relatively less efficient than other countries in making the product
it is equally efficient as other countries in making the product
it should import the product rather than export it
it is relatively more efficient than other countries in making the product
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Use the following information to answer the next question.C = A + .75(Y - T)A = $900I = $600G = $400T = $400NX = -$200What is the equilibrium level of real GDP?
A. $5,600 B. $8,000 C. $5,200 D. $7,200
During periods of inflation, which function of money is most severely affected?
A) medium of exchange B) unit of account C) means of payment D) store of value
Suppose a bank has $100 million in checking account deposits with no excess reserves and the required reserve ratio is 20 percent
If the Federal Reserve reduces the required reserve ratio to 15 percent, then the bank will now have excess reserves of A) $0. B) $5 million. C) $15 million. D) $20 million.
To be counted in the labor force
A. a person has to be at least 16 or older, have a job, or if unemployed has to be actively seeking employment. B. a person has to be working at least 10 hours per week. C. a person has to be over 16 years of age, irrespective of whether she or he is actively seeking work. D. a person, irrespective of his or her age, has to be working or, if out of work, actively seeking employment.