21) Refer to Table 19-11. If the actual terms of trade are 1 hat for 1.8 clocks and 150 hats are traded, how many hats will Denmark gain compared to the “without trade”numbers? A) -150 B) 0 C) 150 D) 1,050   22) Refer to Table 19-11. If the actual terms of trade are 1 hat for 1.8 clocks and 150 hats are […]

    41. Preoccupied individuals are characterized as being:  A. low in anxiety over abandonment. B. high in anxiety over abandonment. C. distant and detached. D. extremely committed to their partners.   42. Regarding attachment style and sexual behavior, which style is associated with being distant and detached so that their passion is impersonal?  A. Secure B. Preoccupied C. Anxious D. Avoidant   43. Older partners interact with:  A. less romance and less cheer. B. more positive emotion […]

  41) Dr. Khan starts his own dental practice after quitting his $150,000 job at The Mall Dental Clinic. His revenues for the first year are $500,000. He paid $90,000 in rent for the dental office, $60,000 for his office manager’s salary, $24,000 for the dental hygienist, $150,000 for insurance, and $6,000 for other miscellaneous costs. The normal profit from running his business is $20,000. […]

    31) Expenditures on U.S. produced steaks, shoes, and doctor visits are most likely classified as A) consumption expenditure. B) investment. C) government expenditure on goods and services. D) net exports of goods and services. E) net imports of goods and services.   32) Investment is the expenditure done by A) savers. B) firms. C) governments. D) the rest of the world. E) Both […]

  71) Given its existing policy regime of “inflation targeting,” the Bank of Canada would likely react to a large positive aggregate demand shock by A) lowering the bank rate. B) buying bonds from the open market. C) increasing its target for the overnight interest rate. D) decreasing its target for the overnight interest rate E) ignoring the shock and allowing the economy to adjust. […]

    11.In macroeconomics, which of the following topic would likely be studied? A. Bob’s budget B. Nike’s costs of production C. The growth rate of the oil industry D. All of these are microeconomic topics. 12.In macroeconomics, we talk about: A. consumption at a national level. B. production of all goods in the economy. C. prices in the aggregate. D. All of these are things macroeconomists talk about. 13.Everyone in an economy […]

    11) Which of the following would be considered unemployed as part of normal labor market turnover? i.Juliet, who was fired when the company where she worked went bankrupt in a recession ii.Hannah, who quit her job to find one that better suited her skills iii.Charlotte, who started looking for a job upon graduation from high school A) ii and iii B) i and […]

  19.2   The Economic Basis for Trade: Comparative Advantage   1) The purpose of the ________ was to discourage imports and encourage exports, and thus keep the price of food high. A) Banana Tax B) Soybean Wars C) Sugar Legislation D) Corn Laws   2) The theory of ________ is credited to David Ricardo. A) supply and demand B) comparative advantage C) national trade protection […]

  7.3   Price Supports in Agriculture   1) The methods that governments use to support farmers vary, but they almost always involve some or all the following methods EXCEPT A) pay farmers a subsidy. B) introduce a price floor. C) isolate the domestic market from global competition. D) tax farmers. E) use price supports.   2) A price floor in an agricultural market is called […]

  1.2   The Economic Way of Thinking 1) Rational choice A) is a choice that uses the available resources to best achieve the objective of the person making the choice. B) is always efficient. C) is what you must give up to get what you want. D) is made by comparing different incentives. E) provides the answer to only the “how” question. 2) A rational […]