The United States imports shoes from third world countries. This means that if the U.S. economy were closed, the domestic price of goods would be ________ the world price of shoes.
A. equal to
B. close to
C. greater than
D. less than
Answer: C
You might also like to view...
Which statement is most accurate with respect to the federal government's land policies in the 19th century?
A. It gave away land, and rarely if ever charged even a token amount per acre. B. It gave away a lot of land and charged a token amount for the rest. C. It gave away no land, but charged only a token amount. D. It charged a fairly substantial amount for the land it sold.
The balance of payments consists of the
A) current account, capital account, and gold flows. B) current account, official reserve transactions account, and monetary account. C) current account, capital account, and official reserve transactions account. D) capital account, official reserve transactions account, and recent account.
Which of the following is the geometric mean of 4 and 9?
A) 6.5 B) 6 C) 36 D) 3.6
Refer to the information provided in Figure 6.1 below to answer the question(s) that follow.
Figure 6.1Refer to Figure 6.1. Assume Tom is on budget constraint AC and the price of a hamburger is $8.00. Tom's monthly income is
A. $2.50. B. $20. C. $80. D. $160.