The economist who provided the enlightening insight about benefits from trade based on comparative advantage was:
A. Adam Smith
B. Milton Friedman
C. John Maynard Keynes
D. David Ricardo
D. David Ricardo
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Which of the following was illustrated by the majority voting decisions witnessed during the Great Depression?
(a) If the U.S. wants to get the most from its resources, the pricing of goods and allocation of investment should be decided by majority voting. (b) In a representative democracy, majority voting will assure that approved projects are productive. (c) There are good reasons to expect that majority voting will sometimes result in the approval of projects that are inefficient. (d) Private firms can force their customers to pay for products they produce, but the government cannot do so.
Suppose a consumer spends her income on two goods: music CDs and DVDs. The price of a CD is $8, and the price of a DVD is $20 . If we graph the budget constraint by measuring the quantity of CDs purchased on the vertical axis and the quantity of DVDs on the horizontal axis, what is the slope of the budget constraint?
a. -5.0 b. -2.5 c. -0.4 d. The slope of the budget constraint cannot be determined without knowing the income the consumer has available to spend on the two goods.
When a group of firms acts in unison to maximize profits as if they were a monopoly, they form a __________
Fill in the blank(s) with correct word
Briefly explain why a rise in national production and income per capita might improve some environmental problems such as air pollution, water pollution, and sanitation, and potentially worsen others.
What will be an ideal response?