Ball's research showed that the sacrifice ratio
A. varied considerably across countries.
B. was about 10 for all countries except the United States, where it was about 2.
C. was the same for all countries.
D. was nearly zero for most countries.
Answer: A
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A theory is an abstraction used often by economists to
A. describe a problem. B. keep all assumptions in their proper places. C. explain why things work the way they do. D. describe a hierarchical ordering of facts. E. arrange variables into a graphical format.
Under some circumstances, trade could stifle the development of new industries and reduce global efficiency. All of the following describe conditions that could lead to that situation EXCEPT
A) an initial head start gives a scale advantage to already existing firms in one country. B) diseconomies of scale make it impossible for new firms to enter the market. C) a location has a better-developed linkage between suppliers and producers, giving it a cost advantage. D) a historical accident, such as the shifting of airplane production to the United States to avoid World War II bombings, causes firms in one location to have a competitive advantage.
If you won the state lottery and were guaranteed a monthly income of $5000 for life then ________ would argue that your ________ income has increased
A) Friedman; permanent B) Friedman; transitory C) Modigliani; transitory D) Modigliani; permanent
Which of the following is the geometric mean of 4 and 9?
A) 6.5 B) 6 C) 36 D) 3.6