Free trade leads to an overall improvement in the standard of living in a country because everything is produced at the lowest possible cost
a. True
b. False
Indicate whether the statement is true or false
True
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The efficient output level of a public good occurs where the
A) greatest number of free riders occurs. B) marginal cost of producing the last unit is equal to the marginal benefit realized by consumers. C) marginal cost of production is minimized. D) total cost of production is affordable.
The Social Security System of 1935 was flawed from the beginning. It left old-age pensions in the control of the states. Two examples include workers' and unemployment compensation
Indicate whether the statement is true or false
Workers in durable-goods industries are ________ workers in service industries to lose their jobs during a recession.
A. much less likely than B. less likely than C. equally likely as D. more likely than
Refer to the diagrams. Other things equal, curve B will shift upward when:
A. the level of GDP increases.
B. the interest rate increases.
C. curve A shifts to the left.
D. curve A shifts to the right.