Which theory suggested that comparative advantage arises from differences in national factor endowments?
a. Mercantilism
b. Heckscher-Ohlin
c. Absolute Advantage
d. Comparative Advantage
Answer: b. Heckscher-Ohlin
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The marginal cost of serving an additional user of a public good is zero.
Answer the following statement true (T) or false (F)
A compensation structure that generates much higher pay rates for the top performers, while those whose productivity is only a little lower receive substantially less compensation is called
a. tournament pay. b. winner take all. c. dueling executives. d. competing differentials.
The Dow-Jones Industrial Average index is all of the following except
A. an index based on 30 actively traded large companies on the New York Stock Exchange. B. representative of the U.S. economy. C. the oldest U.S. stock index. D. the most widely followed U.S. stock index.
Government purchases in national income accounts would include payments for:
A. Social Security checks to retirees B. Salaries for current U.S. military officers C. Public assistance for welfare recipients D. Unemployment benefits