A country producing a combination of 5 units of guns and 6 units of butter would be _________________ (outside/on/inside) the production possibilities curve
What will be an ideal response?
inside
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Firms in a high-wage nation such as the U.S. can compete effectively with imports from low-wage nations if
a. skill levels are identical in the nations b. the U.S. reduces tariffs on imports c. low-wage nations impose tariffs on U.S. made goods d. labor productivity is higher in the low-wage nation e. labor productivity is higher in the U.S.
The Save More Tomorrow (SMarT) program found all of the following except that:
A. people want to save more than they typically do. B. participants quadrupled their savings in just a couple of years. C. if the default choice is to save a portion of income, people will save more. D. people were already saving at an optimal amount, so the program had no effect.
The Fed's principal decision-making body, where the Fed exercises monetary control over the economy through a 12-person committee that includes all seven members of the Board of Governors, is known as the
a. Federal Deposit Insurance Corporation b. District Board of Governors c. Federal Open Market Committee d. Reserve Requirement Regulation Conference e. Federal Funds Mandate
A key tenet of the supply-side economic theory of the 1980s was that government tax cuts would increase after-tax wages, stimulating the incentive to seek higher wages through increased labor supply
Indicate whether the statement is true or false