Which of the following examples shows the problem of using physical units as the measure of total economic activity?
a. Milk is measured by gallons; milk is paid for with dollars.
b. Milk is measured by gallons; train travel is measured by miles.
c. A gallon of milk weighs more than a gallon of water.
d. A plane covers more mph than a train does.
b. Milk is measured by gallons; train travel is measured by miles.
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The main explanation for why the cheap foreign labor argument is a poor reason for restricting international trade is that:
a. workers who get paid less tend to have lower productivity than those who get paid more. b. all firms and workers gain when there are no restrictions on international trade. c. infant industries such as steel and automobiles need to be protected. d. specialization and free trade usually raise the prices of all the traded goods, so that the workers can get paid more. e. labor costs tend to be the same worldwide in the long run because of worker mobility.
Governmental rules that significantly promoted entrepreneurship first became prominent during the
a. Great Recession. b. Age of Enlightenment. c. Great Depression. d. Industrial Revolution.
Which of the following is an example of the consequences that go well beyond commonly reported and narrowly defined "environmental" effects?
a. spread of pests b. polluted air c. extinct species d. damaged beaches
Economic growth can be defined as the increase in ____ ______ real? GDP, measured by its rate of change per year.
Fill in the blank(s) with the appropriate word(s).