ECON IDLA FINAL REVIEW – Flashcards
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Which of the following have inelastic supply? a) Automobiles b) Diamonds c) Full grown crops
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all of them
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*Social security would be an example of a/an
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entitlement
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*Arguments against free trade include the idea that our national defense will be hurt.
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True
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*Suppose the Canadian currency is weak compared to the U.S dollar. You would expect that Canadians would
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buy less U.S goods and services.
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*The purpose of NAFTA was to decrease the number of tariffs from 15 to 0 in five years.
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False
