If the United States, at the point where it is currently producing, must give up the production of 500 bicycles (B) to produce 20 additional tractors (T) with the same resources, the opportunity cost of producing 100 bicycles is _______ tractor(s).
A) 1
B) 4
C) 25
D) 100
Answer: B) 4
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Real interest rates are difficult to measure because
A) data on them are not available in a timely manner. B) real interest rates depend on the hard-to-determine expected inflation rate. C) they fluctuate too often to be accurate. D) they cannot be controlled by the Fed.
The General Agreement on ___________ and Trade (GATT) was established to provide a forum in which nations could come together to negotiate reductions in tariffs and other barriers to trade.
a. Travel b. Taxes c. Tariffs d. Transfers
The official U.S. poverty standard was set in 1963 at $3,000 per year for a family of four.
Answer the following statement true (T) or false (F)
A trade surplus occurs when a country's exports exceed that country's imports.
Answer the following statement true (T) or false (F)