If the Irish pound declines in value against other major currencies, which of the following happens?
a. The Irish trade deficit will increase.
b. The Irish trade deficit will be unaffected.
c. The Irish trade deficit will decrease.
d. Irish products will become more expensive to foreigners.
e. Foreign goods will become cheaper in Ireland.
C
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In the short run, which one of the following causes a competitive firm to hire more labor?
A) an increase in wage rate B) an increase in the output price C) a specific tax imposed on the firm's output D) a decrease in the output price
If ABC Corp is profitable,
a. it must pay dividends to its stockholders b. pretax profits are either paid as dividends or reinvested in the corporation c. after-tax profits are either paid as dividends or reinvested in the corporation d. it is contractually obligated to retain a portion of its earnings e. it typically uses the profits to buy back its own stock from the underwriter
To an economist, theory can be thought of as
a. abstraction for the sake of argument. b. one person's opinion, which is just as good as another's. c. another term for the description of a situation. d. beliefs which cannot necessarily be verified. e. explanation of mechanisms behind observed phenomena.
List and describe two costs and two benefits of globalization as discussed in the textbook. Why does it tend to be more difficult to see the benefits of globalization as compared to the costs of globalization?