When a country or a region of a country specializes in producing the product that has the lower opportunity cost compared to another country or region, it is practicing
A) absolute advantage.
B) cost disadvantage.
C) regional advantage.
D) comparative advantage.
D
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The fastest growing nations today are those with
A) few funds spent on research and development. B) government intervention in markets to ensure high prices. C) the least saving. D) the fastest growing exports and imports. E) barriers that significantly limit international trade.
Policy is conducted via discretion if policymakers
a. announce and achieve a constant money supply. b. announce and achieve a constant interest rate. c. are free to respond to changes in economic conditions on a case-by-case basis. d. announce in advance how they will respond to changes in economic conditions.
According to the quantity theory of money, a 10-percent increase in the money stock would lead to a 10-percent rise in the
a. the money wage and the price level. b. level of real GNP. c. level of nominal GNP. d. the money wage and the price level, but the price level rises by more e. Both a and c
Which of the following presidents is remembered for his role in championing American conservation legislation?
a. Warren G. Harding b. Abraham Lincoln c. Ulysses S. Grant d. Theodore Roosevelt