Comparative advantage is defined as
A. producing all goods at lower opportunity costs than other countries can.
B. producing more output of all goods than anyone else can.
C. the ability to produce more output from given inputs than anyone else can.
D. producing one good at a lower opportunity cost than another country can.
Answer: D
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Refer to the scenario above. This implies that the country experienced a ________ during that year
A) trade deficit B) budgetary surplus C) budgetary deficit D) trade surplus
In a model with money neutrality, a 10% increase in the money supply leads to an increase of prices by
A) more than 10%. B) 10%. C) less than 10%, but more than zero. D) zero.
For how long is the chairman of the board of governors of the Fed appointed and by whom?
a. Appointed for two years by all the other governors b. Appointed for two years by the governor of the New York district branch c. Appointed for two years by the president of the United States d. Appointed for four years by all the other governors e. Appointed for four years by the president of the United States
In general, people are willing to pay more than the expected value of insurance because:
A. most people would have trouble finding enough money to cover their losses. B. they are risk-averse. C. it allows them to afford major expenses from catastrophes without going bankrupt. D. All of these statements are true.