"Banana republics" refers to:
A) nations that do not participate in free trade.
B) nations that are net importers.
C) nations that specialize in the production of only one good.
D) nations that produce only agricultural products.
C
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Remittances to foreign countries from legal and illegal residents of the U.S. are examples of ________
A) factor payments B) exports C) imports D) transfer payments There are two countries - Earthland and Plutoland - who trade only with each other. Residents in Earthland purchased buildings worth $10 billion in Plutoland during a certain year. None of the other transactions between the two countries during that year involved purchase or sale of assets.
When a nation is producing on its production possibilities frontier, if more resources are used to produce one good, then the production of other goods
A) must increase. B) must decrease. C) must remain the same. D) must change but they might increase or decrease. E) might increase if the nation can produce more efficiently.