What is measured by the ratio of export prices to import prices?
a. The terms of trade
b. The productivity ratio
c. The trade standards
d. The gains from trade
e. The balance of trade
a
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The president of Toyota's Georgetown plant was quoted as saying, "Demand for high volumes saps your energy. Over a period of time, it eroded our focus [and] thinned out the expertise and knowledge we painstakingly built up over the years"
This quote suggests that A) as Toyota expanded its capacity, it experienced diseconomies of scale. B) Toyota was focused on "churning" out cars for which it did not invest sufficiently in training its workers. C) high demand for Toyota's cars prevented the company from focusing on its strength: auto design. D) Toyota was experiencing an excess demand for its automobiles which it had difficulty keeping up with.
If aggregate output is falling, _____
a. federal budget deficit decreases b. tax revenue increases c. automatic stabilizers will tend to increase the size of the deficit d. automatic stabilizers will tend to decrease the size of the deficit e. transfer payments decrease as fewer people become eligible for public assistance
The central idea of supply-side tax cuts is that certain types of tax cuts will increase
a. aggregate demand. b. aggregate supply. c. the supply of imports. d. the supply of money.
The common measure of wealth used in calculating the distribution of wealth includes
A. human capital. B. financial assets. C. workers' claims on private pension funds. D. the amount an individual will not receive during retirement.