An increase in which of the following will shift the economy's productivity (GDP/L) curve?
a. the quantity of laborers
b. technology
c. capital
d. output
e. consumption
B
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What are the two ways in which extractive institutions affect the number of entrepreneurs in a nation?
What will be an ideal response?
Home Depot sells new and used doors to contractors who build new homes. Home Depot also sells new and used doors to homeowners. Which of the following would be counted in GDP?
A) the sale of a new door to TapKon construction for installation into a new home B) the sale of a used door to a homeowner C) the sale of a new door to homeowner D) the sale of a used door to TapKon construction for installation into a new home
Which of the following best describes the traditional political use of tariffs?
a. protection of borders b. protection of military secrets c. protection of exchange rates d. protection of vested economic interests
As the terms of trade approach the domestic opportunity costs of a product, a country will experience:
A. Smaller gains from trade. B. Greater comparative advantage from trade. C. Greater absolute advantage from trade. D. Greater balance-of-trade surpluses.