Countries that are unable to produce goods as efficiently as other countries will never be able to trade
a. True
b. False
Indicate whether the statement is true or false
False
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Explain the structure of the circular flow model
What will be an ideal response?
The mayor of Workerville proposes a local payroll tax to fund a new water park for the city. The mayor proposes to collect half the tax from workers and half the tax from firms. Workers will bear
a. an equal share of the tax in comparison to firms. b. a greater share of the tax in comparison to firms. c. a smaller share of the tax in comparison to firms. d. All of the above are possible.
Which of the following measures does not help promote technological progress?
(A) Reducing the scale of the market for a new product. (B) Training programs for workers. (C) Increased wages for researchers. (D) Issuing a patent to a company that invents a new product.
There exists asymmetric information in a market:
A. if both sides of the market have the same information about the good. B. only if buyers have better information about the good than sellers. C. only if sellers have better information about the good than buyers. D. if either buyers or sellers have better information than the other group.