Question 62

how would a strong u. s. dollar impact the trade of grain produced in the united states?

u. s. grain exports decrease

u. s. grain exports increase

u. s. grain imports decrease

u. s. grain imports stagnate

question 63

two countries produce milk and dairy products efficiently. neither has an absolute advantage. however, country a exports milk to country b, and country a imports cotton from country b. which of the following is inferred?

the opportunity cost of producing milk is lower for country a.

the opportunity cost of producing cotton is higher for country b.

country a has a natural resource advantage in cotton.

country b has a natural resource advantage in milk.

question 64

marx would most likely support a plan for

government ownership of most production

creating a worldwide free trade agreement

eliminating income taxes on the wealthy

income taxes based on ability to pay

question 65

to increase your standard of living, your wages must

rise faster than the inflation rate

rise more slowly than the inflation rate

keep pace with the inflation rate

have a negative inflation rate