Select the answer that reflects the relationship between free trade and comparative advantage:
a. There is no relationship between free trade, fair trade, and comparative advantage.
b. While there is no relationship between free trade and comparative advantage, fair trade plays a role.
c. Free trade is a pathway to a country’s ability to fully realize the benefits of comparative advantage.
d. Only fair trade is a pathway to a country’s ability to fully realize the benefits of comparative advantage.
Ans: c
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According to Schelling, the difference between brute force and coercion is the same as the difference between
a. losing what someone can forcibly take and giving it up to avoid risk or damage. b. submission and blackmail. c. asking for what you want and requesting that someone give it to you. d. being assaulted and making someone afraid to assault you. e. offense and compellence.
Which of the following is an example of monetary policy?
a. decreasing federal spending b. increasing taxes on wealthy Americans c. lowering interest rates d. lowering state property and sales tax