Refer to the World View article titled "North Korea's Food Shortage Grows." If North Korea reduces the size of its military and produces more food, this is most consistent with
A. The law of increasing opportunity costs.
B. A laissez faire policy.
C. A movement along the economy's production possibilities curve.
D. Privatization.
Answer: C
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The reference base period that the BLS uses to measure the CPI is
A) 1998-2000. B) 2005. C) 1967-1969. D) 1982-1984. E) 1993-1995.
A demand curve shows
A) the willingness of consumers to substitute one product for another product. B) the relationship between the price of a product and the total benefit consumers receive from the product. C) the willingness of consumers to buy a product at different prices. D) the relationship between the price of a product and the demand for the product.
If I = S, then
A) C + I = S + I. B) C + S = S + I. C) C + S = C + I. D) C - S = S - I.
Trade restrictions imposed in the name of national security have been recommended by protectionists in order to:
a. develop strong defense-related industries. b. avoid dependence on foreign suppliers during wartime. c. reduce the necessity of stockpiling strategic supplies. d. all of these.