Natural resources, such as crude oil and fish, are often sold in ________markets.
A. local
B. labor
C. global
D. national
Answer: C
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An increase in supply will cause the supply line to
a. move to the left. b. move to the right. c. become more vertical. d. become more horizontal.
Social Security, officially known as Old Age and Survivors Insurance (OASI),
a. collects funds from current workers and invests them in order to provide these workers with a stream of income during the retirement phase of life. b. is based on the same principles as private insurance programs. c. is an intergenerational income transfer program. d. is a voluntary savings program run by the government.
The demand for U.S. government bonds is high relative to other bond issues because:
A. liquidity of other bond issues is high relative to U.S. government bonds. B. market for U.S. government bonds is more liquid than most if not all other bond markets. C. U.S. bond market has low transaction spreads due to high illiquidity. D. U.S. government bonds have higher default.
According to the theory of ________, specialization and free trade will benefit all trade partners, even when some are absolutely more efficient producers than others.
A. social equity B. comparative advantage C. laissez-faire D. absolute advantage