Which of the following is true?
a. People specialize by concentrating their energies on the activity to which they are best suited, because they incur lower opportunity costs as a result.
b. One advantage of specialization is that workers acquire greater skill from repetition
c. If a person, a region, or a country can produce a good or service at a lower opportunity cost than others, we say that they have a comparative advantage in the production of that good or service.
d. All of the above are true.
d
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Which of the following statements about the Keynesian model is correct?
a. The economy would achieve full employment if left free from destabilizing government policies. b. Active monetary is always effective while fiscal policies is rarely so. c. Both Keynesians and classicists reach the same policy conclusions, but for different reasons. d. The economy is inherently unstable because of the instability of aggregate demand, which is primarily due to unstable expectations. e. both b and d.
Supplier power tends to be lower when
a. Suppliers are concentrated b. There are high costs to switching between suppliers c. Both A&B d. None of the above
Government deficits mean that
a. national saving is negative so public saving is negative. b. national saving is negative so public saving is lower than otherwise. c. public saving is negative so national saving is negative. d. public saving is negative so national saving is lower than otherwise.
Net exports became negative for the U.S. in the
A. 1930s. B. 1950s. C. 1970s. D. 1990s.