Which of the following statements is true?
A) Japan is more dependent on foreign trade than is the United States.
B) Imports and exports account for over one-half of the GDP of Belgium.
C) France is the leading exporting country, accounting for 10 percent of total world exports.
D) Because the cost of labor used on farms is so high, the United States exports very little of its wheat, rice and corn crops.
Answer: B
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Farmers can raise either goats or ostriches on their land. Which of the following would cause the supply of goats to decrease?
A) an increase in the price of ostrich feed B) an increase in the price of ostriches C) a decrease in the price of goats D) an increase in the demand for goats
?In the time series literature, the serial correlation-robust standard errors are sometimes called:
A. ?homoskedasticity and autocorrelation inconsistent standard errors. B. ?homoskedasticity and autocorrelation consistent standard errors. C. ?heteroskedasticity and autocorrelation inconsistent standard errors. D. ?heteroskedasticity and autocorrelation consistent standard errors.
Suppose the demand for good X is given by Qdx = 10 + axPx + ayPy + aMM. If ay is positive, then:
A. goods y and x are complements. B. goods y and x are normal goods. C. goods y and x are substitutes. D. goods y and x are inferior goods.
The opportunity cost of owner-provided labor is the
A. profit after all of the bills have been paid. B. salary the owner could have made if she worked at her best alternative job. C. explicit part of the wage rate paid to the owner. D. wage rate paid to the owner.