Voluntary trade promotes economic progress because
What will be an ideal response?
it moves goods, services and resources from people who value them less to individuals who value them more.
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The “law” of diminishing returns
A. is deduced from the basic biochemical relationship of agricultural theory. B. was constructed as the basis of observation during experiments on the impact of fertilizer on output in the 1930s. C. is based on regular observations of input-output relationships over the last two centuries. D. is borrowed from physical laws related to conversion of matter and energy.
If a firm stops production, then its:
A. variable costs decrease to zero. B. total costs decrease. C. fixed costs stay the same. D. All of these are true.
The tragedy of the commons refers to:
a. the plight of the common people, who are doomed to low paying jobs and discrimination. b. the fact that public resources are becoming scarce. c. the idea that what we have in common is often not why we trade. d. the idea that when everyone has free access to a resource, it will be overused and depleted.
From 2009 to 2012
A) The Beveridge curve became flat. B) The Beveridge curve shifted to the right. C) The Beveridge curve cannot be discerned in the data. D) The Beveridge curve shifted to the left.