In 1982, the retirement age was raised in such a manner that it is 65 for everyone born before 1938
A. and 70 for everyone born in 1960 or after, with a gradual increase in between.
B. and 67 for everyone born in 1960 or after, with a gradual increase in between.
C. and 70 for everyone else.
D. and 67 for everyone else.
Answer: B
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Which event is most likely to increase the elasticity of demand for a good?
A) A decrease in the demand for the good B) A decrease in the price of the good C) An increase in the demand for the good D) Higher incomes for consumers of the good E) The appearance on the market of excellent substitutes for the good
The "Buy American" provision in the 2009 stimulus package required that stimulus money be spent only on U.S.-made goods, effectively acting as a quota of zero imports when stimulus money was being spent. For the U.S
steel industry, a "Buy American" provision would create gains for all of the following except A) U.S. steel workers. B) U.S. taxpayers. C) U.S. steel companies. D) All of the above would gain from the provision.
An increase in capital goods and a decrease in consumer goods will:
A) eventually lead to a shift to the right of the production possibilities curve. B) increase a nation's capacity to produce. C) lead to more rapid economic growth. D) do all of the above.
If two countries each are currently producing two goods, and each begins to specialize in the good in which it has a comparative advantage, what will happen to total (world) output?
A. It will increase. B. It will decrease. C. It will be unchanged in both countries. D. It will rise in one country and fall in the other, but the total is unchanged. E. Uncertain; economic theory has no answer to this question.