The text argues that the United States has had a comparative advantage in goods and services that:
A. are luxury goods.
B. are mass-produced.
C. are artistic and well crafted.
D. require creativity and innovation.
Answer: D
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A firm's demand for labor is downward sloping because of
A) diminishing marginal productivity of labor. B) diminishing marginal utility. C) price pressure. D) workers' increased willingness to work at a higher wage.
In the Keynesian model, the larger the marginal propensity to consume, the:
A. larger the multiplier. B. larger the marginal propensity to save. C. higher the income level of the economy. D. smaller the change in income derived from a given change in government spending.
According to the law of demand
A. ceteris paribus does not apply. B. price and quantity demanded move in the same direction. C. price and quantity demanded move in opposite directions. D. price and quantity demanded are unrelated.
When graphing the demand curve:
A. both quantity and price go on the horizontal axis. B. quantity goes on the vertical axis and price goes on the horizontal axis. C. it doesn't matter which axis price and quantity are placed on. D. quantity goes on the horizontal axis and price goes on the vertical axis.