How many cars will this country import in an open economy situation?
A. 40,000
B. 20,000
C. 60,000
D. 80,000
Answer: A
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Natural resources are:
a. not considered scarce because no one pays for them. b. only desired for use in producing other goods. c. included in the category of resources called land. d. available in unlimited quantities.
Which of the following is an obstacle that would reduce the likelihood of effective collusion among oligopolists?
a. a highly inelastic market demand for the product b. a small number of firms in the market c. production of a homogeneous product d. highly unstable demand for the product
The Leontief paradox would be used to explain which of these situations?
What will be an ideal response?
What is the basic goal of creating and adopting the euro?
A. To reduce the economic inefficiencies of exchanging currencies B. To stabilize the level of prices among nations of the European Union C. To give Europeans more trade protection from businesses in the United States D. To comply with the requirement for admission to the World Trade Organization