Juanita, a lawyer, can type faster than Jill, her secretary. Jill, on the other hand, does not have the ability or skills to practice law. Applying the principles of international trade to this situation, an economic consultant advises Juanita to:
a. fire Jill, practice law during the day, and do her own typing at night.
b. practice law and leave all the typing to the secretary.
c. divide her time equally between typing and practicing law.
d. quit practicing law and take a job as a secretary.
e. have Jill attend law school.
b
You might also like to view...
Refer to Table 18-2. Given the following exchange rates in the above table, what are the exchange rates stated as U.S. dollars per Mexican peso and U.S. dollars per British pound respectively?
A) 0.10 dollars per peso and 5.00 dollars per pound B) 0.01 dollars per peso and 0.50 dollars per pound C) 0.01 dollars per peso and 0.20 dollars per pound D) 0.10 dollars per peso and 2.00 dollars per pound E) 1.00 dollars per peso and 20.00 dollars per pound
Visitors to a country hosting a world soccer tournament purchase food, souvenirs, and accommodations while attending the tournament. Which of the following should these expenditures raise?
a. The host country's net exports and its net capital outflow b. The host country's net exports but not its net capital outflow. c. The host country's net capital outflow but nor its net exports. d. Neither the host country's net exports not its net capital outflow.
The purpose of the ________ was to discourage imports and encourage exports, and thus keep the price of food high.
A. Banana Tax B. Sugar Legislation C. Corn Laws D. Soybean Wars
The theory of rational expectations suggests that
A) people never make forecast errors. B) people make intelligent use of available information. C) people make systematic forecast errors. D) people are slow to incorporate new information into their forecasts.