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The United States and Japan both produce computer chips. Suppose the United States has a comparative advantage over the Japanese in the production of…

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The United States and Japan both produce computer chips. Suppose the United States has a comparative advantage over the Japanese in the production of this good. If the two countries trade computer chips, which two groups are likely to support trade restrictions?

A. U.S. producers and Japanese consumers of computer chips
B. U.S. consumers and Japanese producers of computer chips
C. U.S. and Japanese producers of computer chips
D. U.S. and Japanese consumers of computer chips

If an economy is producing at a point inside its PPF:

A. full employment is achieved.
B. it is possible to produce more of one good without sacrificing some of the other good.
C. it is producing efficiently.
D. it is producing beyond its production possibilities.

Which of the following is an example of contractionary fiscal policy?

A. Expanding transfer payments
B. Subsidizing basic research
C. Raising income taxes
D. Increasing government spending

QUESTION 15

  1. Which of the following statements concerning the infant industry argument is NOT correct?
A. The management and workers in an infant industry may be too inexperienced to compete in world markets.
B. Infant industry protection tends to focus on labor-intensive industries.
C. An infant industry is too underdeveloped to achieve comparative advantage.
D. Infant industry protection is difficult to remove after the industry has matured.

Prices of hamburgers in the fast food industry (assume that this is an inferior good) have decreased steadily in recent years. Over this same period, prices of meat preservatives (used in the preparation of hamburgers) have dropped and consumer incomes have decreased. Which of the following best explains the decreasing prices of hamburgers?

A. The supply curve for hamburgers has shifted to the right more than the demand curve has shifted to the right.
B. The demand curve for hamburgers has shifted to the right more than the supply curve has shifted to the right.
C. The supply curve for hamburgers has shifted to the right while the demand curve for hamburgers has shifted to the left.
D. The demand curve and the supply curve for hamburgers have both shifted to the left.

QUESTION 22

  1. At the end of 5 years, Jason has a debt of $1,610.51. If we know he never made a payment and that he borrowed at an interest rate of 10%, how much did he originally borrow?
A. 2,500
B. 2,000
C. 1,500
D. 1,000
 
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