Which component of U.S. household spending has grown the most over the past ten years?
a. taxes
b. savings
c. spending on services
d. spending on nondurable goods
e. spending on durable goods
C
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The hands-off view of the classical school rests on which of the following two simple propositions about markets?
a. Demand creates its own supply and markets are basically competitive. b. Industrial policy is inevitable and all prices are flexible. c. Market failure occurs and prices are rigid. d. Wages are sticky downward and market failure is inevitable. e. Markets are basically competitive and prices are flexible.
A company can protect itself from the opportunity cost of rising rents in an area by buying its own building
a. True b. False Indicate whether the statement is true or false
Cheese (units) Bread (units) England 40 20 Spain 20 5 The table above shows how much each of two countries can produce in 40 hours. (For example, England can produce 40 units of cheese in 40 hours.) England has an absolute advantage in __________ and the Spain has an absolute advantage in __________.
a. bread, cheese b. both goods, neither good c. cheese, both goods Incorrect. Please review Top Ten Concept # 2. d. both goods, cheese Incorrect. Please review Top Ten Concept # 2. e. neither good, bread
According to international trade theory, a country should:
A. import goods in which it has an absolute advantage. B. specialize in the production of the good in which it has an absolute disadvantage. C. export goods when it has either a comparative or absolute disadvantage in producing them. D. specialize in the production of the good in which they have a comparative advantage.