According to this Application, in the 1990s EU countries had ________ in the production of all products compared to Latvia
A) an absolute advantage and a comparative advantage
B) neither an absolute advantage nor a comparative advantage
C) an absolute advantage but not a comparative advantage
D) a comparative advantage but not an absolute advantage
C
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If the Fed does not take into account the additional policy channels available in an open economy, then ________ when conducting contractionary monetary policy
A) it is likely to increase GDP too little and cause a recession B) it is likely to decrease GDP too little and inflation will persist C) it is likely to decrease GDP too much and cause a recession D) it is likely to increase GDP too much and inflation will persist
Proprietorships are
A) the most common form of business organization in the country. B) responsible for most of the profits in the country. C) generally large relative to other business organizations. D) easy to form but difficult to dissolve.