Country I, has an absolute disadvantage in the production of both cocoa cloth
Country I, has an absolute advantage in the production of both cocoa and cloth
Country II, has an absolute advantage in the production of both cocoa and cloth
Country II, has a comparative advantage in the production of cocoa
Country II, should leave the production of both cocoa and cloth to Country I
Correct answer is B
No explanation has been provided for this answer.
Which of the following is NOT a major function of a Central Bank?
Serving as the government's bank
Serving as banker's bank
Acceptance of deposit from the public
Responsibility for monetary policy
Serving as lender of last resort
Correct answer is C
No explanation has been provided for this answer.
The function of money as a standard of deferred payment
Make possible for an individual to build up stores of many things for future use
Makes it possible for payment to be postponed from the present to a future date
Facilitate the exchange of goods
Makes easy calculations possible
None of the above
Correct answer is B
No explanation has been provided for this answer.
Governments in West African countries engage in running several enterprises because?
Large amount of capital is needed and key industries should not be left in private hands
Private capital would not establish an adequate infrastructure
It brings about a more even distribution of the country’s wealth
The social costs of some enterprises make the government the most suitable body to set them up
All of the above
Correct answer is E
No explanation has been provided for this answer.
Money becomes a very poor store of value in a period of
Deflation
Stable prices
Recession
Inflation
Harvest
Correct answer is D
No explanation has been provided for this answer.