Which of the following is true?
a. In 1916, the per person real government expenditures were approximately 60 times greater than in 1800.
b. Prior to 1929, government expenditures at the state and local levels were substantially smaller than federal expenditures.
c. Real federal spending per person was approximately 80 times greater in 2012 than in 1916.
d. All of the above are true.
C
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A country can gain by importing a good from abroad even if that good can be produced more efficiently at home. Is this statement true?
What will be an ideal response?
A warranty is most valuable as a signaling device when
A) the buyer has much more information about the product than the seller does. B) the seller has much more information about the product than the buyer does. C) the buyer has much more information about his or her own preferences than the seller does. D) neither the buyer nor the seller has good information about the product. E) neither the buyer nor the seller has good information about consumer preferences.
When advertising enhances the ability of markets to allocate resources, it is most likely: a. manipulating people's tastes
b. increasing the brand loyalty of existing customers. c. advertising about the existence of new products. d. addressing psychological, rather than informational, characteristics of a good.
A customs union is:
a. a group of countries that agrees there will be "no rules" about trade—anything goes. b. a group of countries that agrees to eliminate customs fees and containerized shipping charges on goods traded among them. c. a group of countries agreeing to eliminate barriers to trade between themselves but keeping tariffs in place against the rest of the world. d. a group of countries that eliminates trade barriers among themselves and erects a common tariff against all other nations.