The use of seat belts and other automobile safety features making bicycling more hazardous can be explained by the economic concept known as:
A. the real-nominal principle.
B. the marginal principle.
C. the principle of voluntary exchange.
D. the principle of diminishing returns.
Answer: B
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Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
The local diner is usually jammed on Saturday mornings. Luke knows the owner and had him reserve a stool at the counter. Luke has
A) cooperated with the owner. B) competed with other customers. C) taken an efficient course of action, from his own perspective. D) engaged in all of the above.
Which of the following is included in a nation's current account?
I. the import of services II. a change of foreign currency holdings III. net transfers, such as foreign aid payments A) I and III B) I and II C) II and III D) III only
It is enough to show just that the poor have different behavior to confirm the culture of poverty hypothesis
Indicate whether the statement is true or false