A person or a country can have comparative advantage in all activities.
Answer the following statement true (T) or false (F)
False
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Mandatory motorcycle helmet laws are designed to reduce the severity of injuries resulting from motorcycle involvement in traffic accidents. In this sense, these mandatory helmet laws are reducing ________ of risky behavior
A) negative externalities B) the social benefit C) positive externalities D) the private benefit
The U.S. has a system of private property rights that encourages productive uses of its resources even in the presence of some government influence
Indicate whether the statement is true or false
The reason that differences in economic growth rates are important in the long run is that
A) growth compounds over time. B) population naturally shrinks in most countries. C) real GDP usually drops when adjusted for inflation. D) nominal GDP typically increases faster than real GDP.
In 1964 and 1970, unemployment was about 5 percent. Inflation in 1964, however, was 2 percent, while in 1970 it was over 5 percent. What might explain this difference?
A. Expansionary monetary policy B. An increase in expected inflation C. Expansionary fiscal policy D. An increase in labor productivity