Refer to Table 2-14. Does either Ireland or Scotland have an absolute advantage and if so, in what product?
A) Scotland only has an absolute advantage in producing guitars.
B) Ireland only has an absolute advantage in producing motorcycles.
C) Ireland only has an absolute advantage in producing guitars.
D) Scotland has an absolute advantage in producing both products.
D
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In the United States, monetary policy is carried out by
A) the Federal Reserve System. B) Congress. C) the President. D) Congress and the President acting together.
The Fed conducts open market operations with the primary goal of
A) affecting the federal funds rate. B) affecting the discount rate. C) stabilizing the foreign-exchange market. D) adjusting reserve requirements.
Since 1955, the percentage of U.S. workers who are union members has increased from one in seven to one in three
Indicate whether the statement is true or false
If consumption changes because of a change in a factor other than the price level, then the
A) economy moves from one point on an AD curve to another point on the same curve. B) AD curve shifts. C) economy moves from one point on a short-run aggregate supply (SRAS) curve to another point on the same curve. D) SRAS curve shifts. E) none of the above