Trade between the United States and Guatemala

Select one:

a.benefits both the United States and Guatemala.

b.is a losing proposition for the United States because Guatemalan labor is less expensive than U.S. labor.

c.is a losing proposition for Guatemala because capital is much more abundant in the U.S. than in Guatemala.

d.is a losing proposition for Guatemala because U.S. workers are more productive than Guatemalan workers.

A survey of professional economists revealed that more than three-fourths of them agreed with a number of statements, including which of the following?

Select one:

a.Tariffs and import quotas usually reduce general economic welfare.

b.A large federal budget deficit has an adverse effect on the economy.

c.Minimum wage increases unemployment among young and unskilled workers.

d.All of the above are correct.

Ramona decides to spend two hours taking a nap rather than attending her classes. Her opportunity cost of napping is

Select one:

a.the value of the knowledge she would have received had she attended class.

b.the $24 she could have earned if she had worked at her job for those two hours.

c.the value of her nap minus the value of attending class.

d.nothing, since she valued sleep more than attendance at class.

20 18 16 14 12 - 10 - 8 2 3 16 9 12 15 18 21 24 27 30 pies T tarts 18 16 + 14 - 12 + 10 + 8 6 . 3 6 12 15 18 21 24 27 30 pies Refer to Figure 3-6. If the production possibilities frontiers shown are each for one day of work, then which of the following combinations of pies and tarts could Maxine and Daisy together not make in a given day? Select one: O a. 2 pies and 25 tarts O b. 10 pies and 22 tarts O c. 12 pies and 15 tarts d. 15 pies and 16 tarts