In a representative democracy, government action results from the
a. choices of voters.
b. legislative decisions by politicians.
c. political action of organized interest groups.
d. complex interaction of all of the above.
D
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If Canada has an absolute advantage over Denmark in the production of wood, this implies that
a. it requires fewer resources in Canada than in Denmark to produce wood b. the opportunity cost of producing wood in Canada is lower than in Denmark c. Denmark does not benefit by trading with Canada d. Canada should buy wood from Denmark e. Canada does not benefit by trading with Denmark
If market supply increases, equilibrium price will:
A. fall, causing a movement along the demand curve. B. rise and demand will shift to the left. C. rise, causing a movement along the demand curve. D. fall and demand will shift to the right.
A straight-line production possibilities frontier indicates that ___
Fill in the blank(s) with the appropriate word(s).
Why does the opportunity cost of your college education include money you could have earned working instead of going to college?
A. Because most people who don't go to college do not work. B. Because the best alternative use of your time is working. C. Because people should be productive members of society. D. Because working a full time job takes as much time as going to college.