Free trade and globalization is generally believed
A) to cause a degradation in the world's environment.
B) to improve the environment by correcting for distortions caused by import competing policies.
C) to help spread the best of each country's culture, so as to uplift global cultural standards.
D) to help each country safeguard the best of its own culture.
E) to make no difference in the economic welfare of the world.
A
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The figure above shows the production possibilities frontier for a country. The opportunity cost of a gallon of milk between combination point A and B is
A) 1/3 of a gallon of ice cream for a gallon of milk. B) 4 gallons of ice cream for a gallon of milk. C) 1 gallon of ice cream for a gallon of milk. D) 3 gallons of ice cream for a gallon of milk. E) zero because at point A, zero milk is being produced.
What is a credit union?
(A) A modified type of savings and loan that makes loans for housing. (B) A bank that specializes in retirement savings accounts. (C) A bank that takes deposits but does not make loans (D) A cooperative lending institution for a particular group.