Trade within a country typically involves ________, while trade between countries normally involves ________.
A. real currencies; nominal currencies
B. a single currency; different currencies
C. nominal currencies; real currencies
D. flexible exchange rates; fixed exchange rates
Answer: B
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Refer to the table below. Based on their comparative advantage, Martha should specialize in ________ while Julia should specialize in ________. Time to Make a PieTime to Make a CakeMartha60 minutes80 minutesJulia50 minutes60 minutes
A. cakes; pies B. neither pies nor cakes; both pies and cakes C. pies; cakes D. both pies and cakes; neither pies nor cakes
Refer to Figure 2-8. If the two countries have the same amount of resources and the same technological knowledge, which country has an absolute advantage in the production of both pineapples and coconuts?
A) Costa Rica B) Guatemala C) neither country D) cannot be determined
Is the national debt a burden to future generations?
a. No, as long as foreigners own a significant share of the national debt. b. No, as long as the national debt is owned purely by U.S. citizens. c. Yes, debt is always a burden to future generations. d. Yes, unless foreigners increase their share of the national debt.
The typical salary-fringe benefit mix for full-time workers in U.S. businesses is
A. 75 percent salary and 25 percent benefits. B. 55 percent salary and 45 percent benefits. C. 100 percent salary and benefits are illegal. D. 90 percent salary and 10 percent benefits.