The concept of comparative advantage applies:
a. only to people with at least a high school diploma.
b. only to people who are currently employed.
c. to situations in which you have information about the salary levels of those with whom you are competing for a job.
d. to every case of trade or exchange.
e. only to goods that are sold in the domestic market.
d
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Philosopher John Rawls's theory of justice presents an argument in favor of income equality that relies on the
a. belief that, objectively, people would rather trade the uncertainties of fortune for the certainty of moderate income b. belief that human beings are perfectible, and it is the unequal distribution of property that creates unequal distribution of incomes c. argument that in a world of identical individuals, equality of incomes achieves the greatest welfare number of people d. argument that income equality breeds the most efficient use of economy's resources e. idea that private property originates from theft
In this graph, output level RGDP2 is ______.
a. sustainable at equilibrium point E1
b. sustainable at equilibrium point e2
c. sustainable at equilibrium point E3
d. not sustainable at equilibrium points E1, e2, or E3
If federal, state, and local governments were unable to raise any revenue, then government's role as:
A. only a referee would be unaffected. B. both an actor and a referee would be unaffected. C. only an actor would be unaffected. D. both an actor and a referee would be eliminated.
When the value of a currency decreases relative to other currencies, we say that a currency experiences:
A. exchange-rate depreciation. B. exchange-rate appreciation. C. interest-rate appreciation. D. interest-rate depreciation.