The division of labor helps to explain why:
a. consumers need not have a deep knowledge of the goods they consume
b. consumers can only consume those goods of which they have an in-depth knowledge.
c. domestic industries need protection from foreign competition.
d. government intervention is required for the market to work efficiently.
a
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If Nike, an American corporation, produces sneakers in Thailand this would
A) count as part of U.S. GDP since it is a U.S. corporation. B) count for both Thailand's GDP and U.S. GDP. C) add to Thailand's GDP but not to U.S. GDP. D) add to neither U.S. GDP nor Thailand's GDP.
Which of the following prevented the Fed from reducing long-term real interest rates during the Financial Crisis of 2007-2009?
A) an increase in expected inflation B) an increase in the risk premium C) the collapse in the housing market D) the failure of the federal funds rate to respond to monetary policy
Binding arbitration is when an impartial observer helps resolve differences between union and management
a. True b. False
The water and diamond paradox is called a paradox because the
a. total utility of water is higher than the total utility of diamonds but its marginal utility is lower than that of diamonds so, in the end, water appears to be less valuable thandiamonds b. total and marginal utility of diamonds are higher than that of water even though we tend to think of water being more valuable c. marginal utility of water is higher than the marginal utility of diamonds but its total utility is lower than that of diamonds so, in the end, diamonds appear to be lessvaluable than water d. total and marginal utility of water is higher than that of diamonds so, in the end, water appears to be less valuable than diamonds e. marginal utility of diamonds is low because diamonds are scarce while the marginal utility of water is high because it is so valuable