The argument that many critics of free trade have suggested that genetic engineering of plants and animals could lead to accidental production of new diseases is the
A. protecting domestic jobs argument.
B. environmental and safety argument.
C. infant industry argument.
D. national security argument.
Answer: B
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The cost to a member bank of borrowing from the Federal Reserve is the
Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting downward C. Aggregate demand shifting rightward D. Aggregate demand shifting leftward
Consider a PPF for tapes and soda. If the opportunity cost of a tape increases as the quantity of tapes produced increases and also the opportunity cost of a soda increases as the quantity of soda produced increases, then the PPF between the two
goods will be A) a straight, downward-sloping line. B) a straight, upward-sloping line. C) bowed outward. D) All of the above are possible and more information is needed to determine which answer is correct.
Total revenue for skis is at a maximum when the price elasticity of demand is
A) between 0 and 1. B) 1. C) greater than 1. D) 0.