The case of New Zealand, described in the text, is concerned with the country's
A) prospects for long term growth.
B) ability to sustain current account deficits.
C) unproductive industrial sector and its prospects for long run growth.
D) labor productivity.
E) exchange rate volatility relative to other currencies.
B
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With regard to the rule of caveat emptor in colonial America, which of the following does not apply?
(a) "Let the buyer beware." (b) This rule largely replaced the earlier rule of markets, market overt, by late colonial times. (c) It could be applied anywhere without the protective regulations of colonial officials. (d) It was meant to cover fraud, and aggrieved buyers could always sue sellers in civil courts for damages.
Which of the following statements is true?
a. The United States today comes closer to the socialist form of economic organization than it does capitalism. b. When central planners set prices above equilibrium for goods and services they create shortages. c. According to Karl Marx, under capitalism, workers would be exploited and would revolt against the owners of capital. d. Adam Smith argued that government's role in society would be to do absolutely nothing.
If the demand for salad dressing increases when the price of lettuce decreases, the cross-price elasticity of demand between salad dressing and lettuce will be ________ because these two goods are ________.
A. equal to 1; inelastic B. negative; substitutes C. negative; complements D. zero; inferior
Which of following is the best example of a monopoly if we use a broader definition of monopoly?
A) Spuds McKenzie, a wealthy potato farmer in Idaho B) Cheap Gas, one of two gasoline stations in a large rural community C) Santos Tacos, the only taqueria in the small town of Santosville D) Zippie Rentals, a car rental service in Boston