If Japan has a comparative advantage over Canada in the production of computers, which of the following must be true?
a. Supply of unskilled labor in Japan is higher than that in Canada.
b. Japan incurs a lower input cost in the production of computers.
c. Japan incurs a higher input cost in the production of computers.
d. Japan has a lower opportunity cost in the production of computers.
e. Japan has a higher opportunity cost in the production of computers.
d
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Ordinarily the Fed lends money only to banks, but during the Great Recession of 2007-2009 the Fed extended its lender-of-last-resort role to other financial institutions. These institutions included
A) securities dealers. B) investment banks. C) high-quality corporations. D) all of the above
Public goods have at least one of two characteristics. What are the two characteristics?
a. collective consumption; nonexcludability b. individual consumption; nonexcludability c. collective consumption; excludability d. individual consumption; excludability
If the interest rate is below the equilibrium, which of the following occurs in this market?
a. excess supply b. excess quantity supplied c. excess demand d. excess quantity demanded
Which countries joined the European Union (EU) in 2007?
A. The Czech Republic and Slovakia B. Macedonia and Montenegro C. Portugal and Spain D. Bulgaria and Romania