It is possible for one person to have a comparative advantage in the production of all products?
a. True
b. False
B
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An example of the political business cycle in action came during the ________
A) Roosevelt administration of the 1920s B) Nixon administration of the 1970s C) Reagan administration of the 1980s D) Bush administration of the 2000s
If the marginal benefit were greater than the cost of a good:
A. consumers could increase their utility by buying more. B. consumers could increase their utility by buying less. C. producers should decrease production. D. social net benefit would be maximized.
If the price level rises, the interest rate effect will cause investment:
A. to increase and the quantity of aggregate demand to decrease. B. and the quantity of aggregate demand to decrease. C. to decrease and the quantity of aggregate demand to increase. D. and the quantity of aggregate demand to increase.
For normal goods, the substitution effect and the income effect work in ________, generating a(n) ________-sloped demand curve.
A. opposite directions; downward B. the same direction; downward C. opposite directions; upward D. the same; upward