Much of the growth in Southeast Asia is due to ________, and many African nations have based their growth on ________.
A. increased tourism; foreign aid
B. service exports; manufactured exports
C. export-manufacturing; resource extraction
D. trade restrictions; free trade
Answer: C
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When two people are on the contract curve, the allocation of goods
A) cannot be improved. B) is pareto efficient. C) is such that neither individual can be made better off without making the other worse off. D) All of the above.
The natural rate of unemployment is
A) the unemployment rate when cyclical unemployment is the only type of unemployment. B) the unemployment rate when there is no frictional unemployment. C) the rate of unemployment associated with long-run equilibrium. D) zero.
Which currency is most commonly traded?
What will be an ideal response?
Suppose the economy is in equilibrium when there is a change in environmental policy that bans all pesticides and herbicides on farmland. We would expect to observe
A) a decrease in aggregate supply and an increase in aggregate demand. B) a decrease in both real output and the natural rate of unemployment. C) a decrease in real output and an increase in the natural rate of unemployment. D) a decrease in real output and an increase in the price level.