When tariffs on imported products are removed by a nation, it will result in:
A. Higher prices and lower quantities consumed in that nation
B. Higher prices and higher quantities consumed in that nation
C. Lower prices and lower quantities consumed in that nation
D. Lower prices and higher quantities consumed in that nation
D. Lower prices and higher quantities consumed in that nation
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The four factors of production (or types of resources) are
A. labor, capital, technology, and entrepreneurial ability. B. land, labor, capital, and entrepreneurial ability. C. labor, capital, entrepreneurial ability, and money. D. land, labor, capital, and money.
Which of the following statements is TRUE about the role that service exports and imports have in the balance of payments?
A) Service exports and imports are not included in the balance of payments because it is impossible to transport a service to another country. B) Service exports and imports are included in the balance of payments in the labor account. C) Service exports and imports are included in the balance of payments in the official reserve transactions account. D) Service exports and imports are included in the balance of payments in the current account.
A country can have a negative balance of trade and a positive balance of goods and services
a. True b. False Indicate whether the statement is true or false
A company classified as a small and medium-sized enterprise (SME) has fewer than 500 employees.
a. true b. false