Which of the following is true about the U.S. trade with Ireland post-1990?
a. The U.S. became a net exporter of software to Ireland.
b. Output of potato per acre doubled with the introduction of new techniques, making the U.S. a net exporter of potatoes to Ireland.
c. The U.S. production set shifted inward and Ireland gained advantage in the production of both software and potatoes.
d. Productivity growth in the U.S. software industry was higher despite the cost-shifting innovations witnessed Ireland.
B
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Tariffs ________ prices for domestic consumers and import quotas ________ prices for domestic consumers
A) lower; raise B) raise; also raise C) raise; lower D) lower; also lower
The systemic costs and burdens that inflation imposes upon a society are almost entirely the result of
A) government price controls. B) inability to predict its rate and timing. C) the fact that no one can ultimately gain from higher prices because everyone is a consumer. D) the lag between the rise of wage costs and the subsequent rise of prices. E) the lag between the rise of prices and the subsequent rise of wages.