According to the World View chart in the text, from highest to lowest real GDP, which is correct?
A. United States, China, Germany, Japan, Canada.
B. United States, China, Japan, Germany, Britain.
C. USA, China, Japan, Germany, Britain.
D. United States, Japan, China, Germany, Britain.
Answer: C
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The emergence of English as the de facto world language has ________ a comparative advantage in the production of books, movies and popular music:
A. given English-speaking countries B. given all countries C. had no effect on which country has D. given non-English-speaking countries
The disagreement value in a nonstrategic game is most closely associated with
a. opportunity costs b. fixed costs c. variable costs d. accounting costs
The market interest rate in Alpha is 7 percent, and the market interest rate in Beta is 10 percent; the inflation rate in Alpha is 3 percent, and inflation rate in Beta is 8 percent. Which of the following statements is true?
A. The real interest rate is higher in Alpha, but the nominal interest rate is higher in Beta. B. The real interest rate is higher in Beta, but the nominal interest rate is higher in Alpha. C. Both the real and nominal interest rates are higher in Beta. D. Both the real and nominal interest rates are higher in Alpha.
Because of their relatively small national economies, which of the following is most likely considered to be the most important factor for Belgium, Korea, and Canada to take full advantage of specialization?
A. division of labour B. international trade C. economies of scale D. command economy