Daily Output of Russia and Panama?RussiaPanamaGloves 40240Hats120180
Refer to Table 18.1. Panama has a comparative advantage in:
A. hats.
B. gloves.
C. both hats and gloves.
D. neither hats nor gloves.
Answer: B
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Which of the following is an example of fiat money?
A) a cowry shell used as money on a South Pacific island B) a gold coin used as money in nineteenth century England C) a Federal Reserve Note used as money in the twenty-first century United States D) a pound of salt used as money in medieval France
As a result of the financial crisis, checkable deposits:
A) became a smaller portion of overall liabilities B) experienced little change C) hit a new record high in terms of the percent of liabilities D) nearly doubled in terms of the percent of liabilities
The Phillips curve:
a. is downward sloping. b. is upward sloping. c. shows there is a tradeoff between unemployment and the inflation rate. d. shows there is a tradeoff between population and the inflation rate.
Taking advantage of the built-in-loophole in emission taxes implies
A. opportunity to save on taxes by reducing emissions. B. opportunity to avoid taxes even without cutting emissions. C. opportunity to increase emission by paying more tax. D. opportunity to pay less by increasing emission.