Elections tend to be closer when one candidate is extremely to the right or left
a. True b. False
b
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A specific tariff provides home producers more protection when
A) the home market buys cheaper products rather than expensive products. B) it is applied to a commodity with many grade variations. C) the home demand for a good is elastic with respect to price changes. D) it is levied on manufactured goods rather than primary products. E) the home supply outnumbers the foreign imports.
Assume that autonomous consumption equals $200 and disposable income equals $1000. If total consumption equal $800, then the mpc equals
A) 0.2. B) 0.6. C) 0.8. D) 1.0.
During the past 200 years, income per person has
a. increased in the developed countries of Western Europe and North America, but declined in the rest of the world. b. declined in the developed countries of Western Europe and North America, but increased in the rest of the world. c. increased far more rapidly in both developed and less developed countries than during the centuries prior to 1800. d. Increased far less rapidly in both developed and less developed countries than during the centuries prior to 1800.
The fact that our wants are unlimited but our resources are limited implies that
A) we should limit our wants. B) entrepreneurship has failed as an economic system. C) we have to make choices. D) the only way to make someone better off is to make someone else worse off.