Which of the following is FALSE? All the BRICs
A) rank among the world's top 10 in population.
B) have been transformed by reforms.
C) have become more isolated and focused on domestic issues.
D) are among the world's top 11 economies.
E) have yet to fully realize their economic potential.
C
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In 2006, the European Union (EU) threatened to ban imports of long-grain rice because traces of genetically modified rice were found mixed in to commercial supplies. Instead of a ban, suppose the EU placed a tariff on the import of long-grain rice
Which of the following would be an outcome of this tariff? A) The EU would gain tariff revenue. B) Deadweight loss would decrease. C) European rice producers would decrease production. D) The price of long-grain rice in the EU would not change.
Suppose that Sandy can produce 10 economic reports or make 2 sales calls. Suppose Tim can produce 2 economic reports or make 1 sales call. Which of the following is CORRECT?
A) The opportunity cost for Sandy of producing one economics report is 1/5 of a sales call. B) The opportunity cost for Sandy of producing one sales call is 10 economics reports. C) The opportunity cost for Tim of producing one sales call is 1/2 of an economics report. D) The opportunity cost for Tim of producing one economics report is 2 sales calls.