In an open economy firms sell goods and services to:
A) households, government, and foreigners.
B) just households.
C) just the government.
D) none of the above.
A
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Economic experience since 1973 indicate that, under floating exchange rates, symmetry
A) was not attained. B) was attained almost immediately. C) was attained over time as central banks held more U.S. dollars as a reserve currency. D) has been difficult to measure and no consensus has emerged. E) has been attained in foreign countries, but not domestically.
A world-renowned brain surgeon can type twice as fast as her secretarial assistant. Which of the following statements is true in this situation?
a. The secretary has an absolute advantage in typing. b. The surgeon should do her own typing to save money. c. The surgeon should fire the assistant and work weekends and evenings to stay up on her typing. d. The surgeon should spend her time doing brain surgery and allow her secretary to do the typing because the secretary has a comparative advantage in typing. e. The surgeon should spend her time doing brain surgery and allow her secretary to do the typing because the surgeon has a comparative advantage in typing.