A common fallacy that is used to oppose trade is the idea that
A. the only gains from trade go to the rich, so the poor must lose.
B. “you get what you pay for.”
C. “if it’s not broken, don’t fix it.”
D. one country’s gain must be another’s loss.
E. what is true for one is true for all.
Answer: D
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Refer to the graph shown. What distance represents average profits?
A. BF B. AB C. FW D. AF
The system that measures the economy's overall performance is formally known as:
A. national income accounting. B. business cycle measurement. C. GDP assessment. D. final output and income statistics.
The circular flow diagram is best described as a(n)
a. abstraction of little value in macroeconomics. b. exact representation of the cause and effect relationship between spending and employment. c. model that clarifies the relationship between spending and income. d. model to explain the relationship between the federal deficit and tax revenues.
National defense is an example of an externality.
Answer the following statement true (T) or false (F)