Economies organize according to the principle of specialization and exchange because doing so
a. enables the government to exercise greater control than would otherwise be possible
b. forces people to work longer hours than they would do normally
c. eliminates the "law of increasing opportunity costs"
d. enables workers to move up to management in the least amount of time
e. enables greater production and higher standards of living to be realized than would otherwise be possible
E
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Refer to the table above. The capital and financial account balance is
A) $190 billion. B) $200 billion. C) -$190 billion. D) -$200 billion. E) $1,900 billion.
Governments can address the adverse selection problem in the health insurance market by requiring all its citizens to have health insurance
Indicate whether the statement is true or false
How does total taxes as a percentage of GDP in the United States compare to those of Western European countries, such as the United Kingdom, Germany, and Sweden?
a. U.S. taxation is smaller. b. U.S. taxation is about the same. c. U.S. taxation is slightly larger. d. U.S. taxation is substantially larger.
If unemployment is above its natural rate, what happens to move the economy to long-run equilibrium?
a. Inflation expectations rise which shifts the short-run Phillips curve to the right. b. Inflation expectations rise which shifts the short-run Phillips curve to the left. c. Inflation expectations fall which shifts the short-run Phillips curve to the right. d. Inflation expectations fall which shifts the short-run Phillips curve to the left.