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Which statement BEST supports the argument that countries should engage in free trade?
Free trade encourages countries to allocate their resources more efficiently.
Substitution occurs when its price rises.
frictional
entrepreneurship
a medium of exchange
yearly income
a higher rate of interest on loans and pay lower interest rates on deposits
The Federal Reserve buys treasury bonds in the open market.
To maximize profits, a bank would charge
Free trade encourages countries to allocate their resources more efficiently.
Substitution occurs when its price rises.
frictional
entrepreneurship
a medium of exchange
yearly income
a higher rate of interest on loans and pay lower interest rates on deposits
The Federal Reserve buys treasury bonds in the open market.
What MOST often happens when demand for a product is highly elastic?
Free trade encourages countries to allocate their resources more efficiently.
Substitution occurs when its price rises.
frictional
entrepreneurship
a medium of exchange
yearly income
a higher rate of interest on loans and pay lower interest rates on deposits
The Federal Reserve buys treasury bonds in the open market.
Mary decides to produce and sell apple juice. She leases an apple orchard and plans to bottle the apple juice. Mary hires three employees. What factor of production does Mary represent?
Free trade encourages countries to allocate their resources more efficiently.
Substitution occurs when its price rises.
frictional
entrepreneurship
a medium of exchange
yearly income
a higher rate of interest on loans and pay lower interest rates on deposits
The Federal Reserve buys treasury bonds in the open market.
A recent high school graduate has never searched for a job before. He does not know what he is qualified to do. He turns down a job at a factory, hoping for better-paying work. What kind of unemployment is he experiencing?
Free trade encourages countries to allocate their resources more efficiently.
Substitution occurs when its price rises.
frictional
entrepreneurship
a medium of exchange
yearly income
a higher rate of interest on loans and pay lower interest rates on deposits
The Federal Reserve buys treasury bonds in the open market.
Which factor is used to determine a person’s credit worthiness?
Free trade encourages countries to allocate their resources more efficiently.
Substitution occurs when its price rises.
frictional
entrepreneurship
a medium of exchange
yearly income
a higher rate of interest on loans and pay lower interest rates on deposits
The Federal Reserve buys treasury bonds in the open market.
Which role does money have in economic systems?
Free trade encourages countries to allocate their resources more efficiently.
Substitution occurs when its price rises.
frictional
entrepreneurship
a medium of exchange
yearly income
a higher rate of interest on loans and pay lower interest rates on deposits
The Federal Reserve buys treasury bonds in the open market.
Which monetary policy decision is meant to increase the U.S. money supply?
Free trade encourages countries to allocate their resources more efficiently.
Substitution occurs when its price rises.
frictional
entrepreneurship
a medium of exchange
yearly income
a higher rate of interest on loans and pay lower interest rates on deposits
The Federal Reserve buys treasury bonds in the open market.
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