Globalization decreases the interconnectedness between countries
a. True
b. False
Indicate whether the statement is true or false
False
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Business's cost of changing prices is referred to as:
A) inflation tax. B) menu costs. C) intangible costs. D) shoeleather costs.
From the perspective of households the uses of income are
A) taxes, saving, consumption of domestically produced and imported goods. B) taxes, investment, consumption of domestically produced and imported goods. C) taxes, saving, consumption, exports, and imports. D) None of the above.
Which of the following is not one of the four broad categories of resources?
A) labor B) government C) capital D) entrepreneurship E) land
Adam Smith's theory of the invisible hand posits that the most efficient allocation of resources is often achieved by:
A. the actions of independent, self-interested buyers and sellers. B. collective action. C. reducing economic inequality. D. government intervention in the market.