Which of the following is not a potential source of comparative advantage for China in the manufacturing sector?
A) Abundant low wage, low skill workers
B) A large domestic market that can lead to scale economies
C) Coastal areas with good logistics for international trade
D) Abundant credit from China's government sector to set up manufacturing operations
D
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The income effect of a wage increase will cause a worker to devote
A) more time to labor and less time to leisure. B) less time to labor and more time to leisure. C) more time to labor and more time to leisure. D) less time to labor and less time to leisure.
If U.S. net exports are negative,
a. U.S. consumers are spending less on foreign goods than foreign consumers are spending on U.S. goods b. U.S. consumers are spending more on foreign goods than foreign consumers are spending on U.S. goods c. the government must promote imports to balance international trade d. U.S. consumers are spending more on foreign goods than they are spending on U.S. goods e. U.S. disposable income is low
Suppose the price of a bag of tortilla chips decreases from $3.00 to $2.50 and, as a result, the quantity of tortilla chips demanded increases from 200 bags to 300 bags. Using the midpoint method, the price elasticity of demand for tortilla chips in the given price range is
a. 0.33. b. 0.45. c. 2.20. d. 3.00.
Economic stagnation coupled with high inflation is commonly called:
A. stagflation. B. inflationary stagnation. C. stagnatory growth. D. inflagnation.