Which of the following was a free market philosopher?
a) Karl Marx
b) Adam Smith
c) Vladimir Lenin
d) Friedrich Engels
Ans: b) Adam Smith
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In the 1970s and 1980s, the United States lost its comparative advantage in consumer electronics goods to Japan. What factor was most responsible for the development of Japan's comparative advantage in consumer electronics goods?
A) Japanese firms benefited from external economies. B) Japan has abundant supplies of natural resources needed to produce electronics goods. C) Japanese firms excelled in process technology. D) Japan has abundant supplies of labor.
Which of the following best illustrates the fallacy of composition? a. If I have more money, I will be better off; therefore if we all had more money, we all would be better off
b. If I buy more gas each week, my gas consumption increases; therefore, if all gas consumers buy more gas each week, total gas consumption will increase. c. If I spend more time studying, I will learn more; therefore, if all students spend more time studying, they will learn more. d. If women's hemlines are higher this year, the Dow Jones Industrials average will fall.
One piece of evidence that business fluctuations are caused by demand-side changes would be that
A. monetary and fiscal policy will move inversely. B. interest rates and budget deficits will move inversely. C. unemployment and inflation will move inversely. D. unemployment and budget deficits will move inversely.
If an economy is fully utilizing its resources, it can produce more of one product only if it
A. doubles manufacturing of the product. B. adds more people to the labor force. C. reduces the price of the most expensive products. D. produces less of another product.