Why did the United States suspend its preferential trade treatment for Bangladesh in 2013?
a. The United States wanted to collect more tariff revenue on all imports from Bangladesh.
b. The United States wanted to punish Bangladesh for its poor labor practices.
c. The United States wanted to collect more tariff revenue on imports other than garments from Bangladesh
d. The United States wanted to force Bangladesh to join NAFTA.
Ans: b. The United States wanted to punish Bangladesh for its poor labor practices.
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Jamie has enough money to buy either a Mountain Dew, or a Pepsi, or a bag of chips. He chooses to buy the Mountain Dew. The opportunity cost of the Mountain Dew is
A) the Pepsi and the bag of chips. B) the Pepsi or the bag of chips, whichever the highest-valued alternative forgone. C) the Mountain Dew. D) the Pepsi because it is a drink, as is the Mountain Dew. E) zero because he enjoys the Mountain Dew.
If tax revenue is $230 billion and the government's outlays are $235 billion, then the budget
A) deficit is $5 billion, and government debt will remain the same. B) surplus is $5 billion, and government debt will increase by $5 billion. C) deficit is $5 billion, and government debt will increase by $5 billion. D) deficit is $5 billion, and government debt will decrease by $5 billion. E) surplus is $230 billion, and the budget deficit is $235 billion.