Question 1 7.5 pts During the past decade, which of the following countries has experienced the greatest annual rate of GDP growth? United States O China Canada O brown Question 2 7.5 pts Assume the buyers' incomes increase this causes the demand curve to shaft to the and the price is going to Oright:rise Oleft:fall Oright II left; rise Question 3 7.5 pts You have a graph that shows the amount of a product buyers will purchase at different prices. This graph is called the curve O production possibility O supply O utility demand Question 4 7.5 pts James has specialized knowledge in a specific system that is now obsolete. For a very long time, he cannot find a job where he can apply his specific knowledge. This is an example of Structural unemployment Frictional unemployment Seasonal unemployment Cyclical unemployment D Question 5 7.5 pts The supply curve shows that as prices rise the quantity of product s t ats as prices fallcowi burim e as prices the the quantity of product that is rises Os prices consumers will buying Question 6 7.5 pts Country X is experiencing severe competition to its domestic auto industry in the form of imports. Many jobs are threatened. Country X places a 25% tariff on the price of imported cars. This type of tariff is known as ain) tariff O revenue quota Infant industry protective Question 7 7.5 pts When there is that means there are members of the workforce who are temporarily not working but who are looking for jobs. Structural unemployment O Cyclical unemployment Seasonal unemployment Frictional unemployment Question 8 7.5 pts is caused by increases in the prices of raw materials and other factors of production Negative amortization O Supply side deflation Cost-push inflation Price penetration Question 9 7.5 pts In a given country, the government owns the public transportation, basic services like energy supply and communication, and core manufacturing firms. Small businesses are privately owned. What type of economic system does this country have? Capitalism O Communism O Socialism Individualism Question 10 7.5 pts Which of the following statements is true regarding comparative advantage? Comparative advantage is becoming rare these days. O Ensuring that its people are well educated is one way a nation can develop a comparative advantage in skilled human resources. Developing countries possess no comparative advantage. O A nation must first possess an absolute advantage in a particular area before it can gain a comparative advantage