Refer to Figure 2-9. If the two countries have the same amount of resources and the same technological knowledge, which country has an absolute advantage in the production of popsicles?
A) Greenland B) They have the same advantage.
C) Iceland D) cannot be determined
A
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In 2010, the U.S. government had tax revenues of $2,703 billion and outlays were $3,973 billion. The budget
A) deficit was $1,270 billion. B) deficit was $3,973 billion. C) surplus was $2,703 billion. D) was balanced because every dollar the government spends it must raise. E) surplus was $1,270 billion. The table above gives a nation's government outlays and tax revenues for 2008 through 2012.
A perfectly competitive firm cannot make economic profits in the long run because: a. it is a price taker
b. there are no barriers to entry into the industry. c. it faces a perfectly elastic demand curve. d. its advertising costs will rise to eliminate any economic profits.
Which of the following is an example of a pure market economy?
a. United States b. Switzerland c. Singapore d. No nation has a pure market economy
The economic system that is generally considered to be the most efficient at answering the What to produce and the How to produce questions is the:
A. market economy. B. command economy C. soviet economy. D. traditional economy.