The ability to produce an item at a lower opportunity cost compared with other producers is known as
A) competitive dominance.
B) productive dominance.
C) comparative advantage.
D) absolute advantage.
C
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The U.S. economy during the 2001-2004 period was been characterized by all of the following except
a. expansionary fiscal policy. b. expansionary monetary policy. c. a jobless recovery. d. moderate economic growth. e. none of the above
The primary purpose of GATT is to
a. protect the United States from cheap foreign labor b. foster trade among nations c. promote the dumping of foreign goods d. prevent the dumping of foreign goods e. form a union of European nations
Which one of the following will cause velocity to increase?
a. a decrease in interest rates b. increasing the efficiency of the payments system c. switching from weekly to monthly payroll checks d. an increase in the money supply
What are substitute goods, and how does a change in the price of one substitute good influence the demand for the other?
What will be an ideal response?