We import about ______% of our oil.
A. 40
B. 50
C. 66
D. 80
B. 50
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The industry that produces zangs is in long-run equilibrium. Then the demand for zangs increases permanently. As a result, firms in the industry will ________. Some firms will ________ the industry, and the industry supply curve will shift ________
A) make economic an profit; enter; rightward B) make zero economic profit; exit; leftward C) incur economic losses; exit; rightward D) incur economic losses; exit; leftward
Those who will lose from free trade are ________ factors in sectors that produce goods that are ________
A) immobile; also imported B) mobile; also imported C) immobile; exported D) mobile; exported E) mobile; untraded
Suppose that the US market for soybeans is not open to international trade. Currently, soybeans sell for $6.00 per bushel in the US and the world price for soybeans is $8.00 per bushel. This information implies that
a. the US has an absolute advantage in the production of soybeans and if the market opens to international trade, the US would export soybeans. b. the US does not have an absolute advantage in the production of soybeans and if the market opens to international trade, the US would import soybeans. c. the US has a comparative advantage in the production of soybeans and if the market opens to international trade, the US would export soybeans. d. the US does not have a comparative advantage in the production of soybeans and if the market opens to international trade, the US would import soybeans.
Most financial assets other than money function as
a. a medium of exchange, a unit of account, and a store of value. b. a medium of exchange and a store of value, but not a unit of account. c. a store of value and a unit of account, but not a medium of exchange. d. a store of value, but not a unit of account nor a medium of exchange