The act of weighing the long-run use of limited natural resources is called
A. brinksmanship.
B. stewardship.
C. fostering.
D. gamesmanship.
Answer: B
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In surveying their alumni, State U's economics department discovered that ramen noodle consumption declined once students graduated and found jobs. One conclusion the survey team might draw from this result is that:
A. ramen noodles are an inferior good. B. there is excess demand for ramen noodles. C. college graduates have a high reservation price for ramen noodles. D. the equilibrium price for ramen noodles is too high.
If Shawn can produce donuts at a lower opportunity cost than Sue, then
a. Shawn has a comparative advantage in the production of donuts. b. Sue has a comparative advantage in the production of donuts. c. Shawn should not produce donuts. d. Shawn is capable of producing more donuts than Sue in a given amount of time.
Approximately how much of the income in the United States is earned by workers in the form of wages and fringe benefits?
a. 25 percent b. 50 percent c. 67 percent d. 90 percent
If the United States has a trade deficit, this means that
A. Trade activity is limited to just a few goods. B. The trade balance is negative. C. Exports exceed imports. D. The U.S. economy produces more than it consumes.