Which of the following countries has medium to high levels of trade by world standards but in 2008 had a moderate trade deficit?
a. Germany
b. Japan
c. United Kingdom
d. Sweden
c. United Kingdom
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The above table shows the tons of steel and concrete that can be produced by the United States and France in an hour. From the data in the table
A) France has a comparative advantage in the production of concrete. B) the United States has a comparative advantage in the production of concrete. C) France has an absolute advantage in the production of concrete. D) the United States has a comparative advantage in the production of both goods.
The Great Depression was characterized by:
A. unemployment exceeding 25 percent. B. the Roaring Twenties. C. accelerated economic growth. D. firms rapidly expanding their borrowing rates.
Which of the following is the most likely outcome of minimum wage laws?
a. an increase in both the quantity of labor supplied by workers and the quantity of labor demanded by firms b. an increase in the quantity of labor supplied by workers and a decrease in the quantity of labor demanded by firms c. a decrease in the quantity of labor supplied by workers and an increase in the quantity of labor demanded by firms d. a decrease in both the quantity of labor supplied by workers and the quantity of labor demanded by firms
The larger the marginal propensity to consume (MPC), the larger the percentage of disposable income that people consume rather than save, and the larger is the ultimate increase in real GDP from an initial increase in aggregate expenditure such as government spending
Indicate whether the statement is true or false