John Stuart Mill first proposed
A. the idea of utilitarian justice.
B. the labor theory of value.
C. the theory of distributional justice.
D. the theory of comparative advantage.
Answer: A
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The practice of buying a firm's good in one market at a low price and selling it in another market for a higher price in order to profit from the price difference is known as
a. Predatory pricing b. Price collusion c. Arbitrage d. Mark-up pricing
Which of the following best describes the relationship between economic growth and literacy? a. As the economy grows, literacy declines because it becomes less and less useful in a developed economy
b. Increased literacy initially stimulates economic growth by raising labor productivity, but as the economy grows and the opportunity cost of education rises, literacy declines. c. Increased literacy stimulates economic growth by raising labor productivity, and as the economy grows, people consume more education. d. There is no correlation between economic growth and literacy.
According to the modern view of the Phillips curve, expansionary macroeconomic policy that leads to inflation will reduce unemployment
a. only if people underestimate the inflationary side effects of the policy. b. only if people overestimate the inflationary side effects of the policy. c. if people accurately anticipate the inflationary side effects of the policy. d. only if monetary policy provides the macroeconomic stimulus.
Autarky is a situation in which a country is economically
A. destroyed. B. underdeveloped. C. self-sufficient. D. dependent on trade.