Economists are fairly confident that globalization leads to a(n) _____________ standard of living based on their comparisons of countries with __________________ characteristics
A) increased; similar
B) increased; very few similar
C) decreased; similar
D) decreased; very few similar
A
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The consumer price index for the current year measures the cost of a standard basket in the ________ year relative to the cost of the same basket in the ________ year.
A. current; current B. base; current C. base; index D. current; base
Use the following supply and demand graph to answer the question below.
S1 and D1 represent the current market supply and demand, respectively. S2 and D2 represent the socially optimal supply and demand. The positions of the graphs indicate that there is (are) external
A. benefits from production and external costs from consumption of the product. B. costs from production and external benefits from consumption of the product. C. costs from production and consumption of the product. D. benefits from production and consumption of the product.
In the circular-flow diagram, which of the following items flows from households to firms through the markets for the factors of production?
a. goods and services b. land, labor, and capital c. dollars spent on goods and services d. wages, rent, and profit
The greater the area between the Lorenz curve and the diagonal line of absolute equality, the more inequality exists.
Answer the following statement true (T) or false (F)