If Atlantis has an open economy, then it:
A. does not trade with other countries
B. has a democratically elected government
C. trades with other countries
D. allows imports but not exports.
Answer: D
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Which of the following products would be most difficult to resell?
a. Girl Scout cookies b. suitcases c. automobiles d. pencils e. medical exams
Which of the following is an implication of the law of comparative advantage?
a. Countries with small amounts of labor relative to capital should specialize in producing labor-intensive commodities.
b. Since workers in high-income countries utilize larger amounts of capital than workers in less developed nations, trade between capital-rich and capital-poor nations results in the exploitation of labor in the less developed countries.
c. Countries that are high cost producers of agricultural products should trade those products for goods they can produce only at a low opportunity cost.
d. Countries that are low opportunity cost producers of timber products should trade those products for goods they can produce only at a high opportunity cost.
What function is money serving when you use it when you go shopping?
A medium of exchange A store of value A medium of deferred payment A unit of account
The law of supply states that there is a positive relationship between price and quantity supplied, ceteris paribus.
Answer the following statement true (T) or false (F)