An irrigation system is installed on a farm in North Dakota. This is an example of which factor of production?
A) labor
B) land
C) human capital
D) physical capital
D
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The reason protectionism remains strong in the United States is that
A) economists can produce any result they are hired to produce. B) economists cannot persuade the general public that free trade is beneficial. C) economists do not really understand how the real world works. D) the losses associated with protectionism are diffuse, making lobbying by the public impractical. E) economists cannot agree on trade policy recommendations.
Deflation:
a. was prevalent during the oil shocks of the 1970s. b. will cause consumers' purchasing power to shrink. c. has been persistent in the U.S. economy since the Great Depression. d. none of these.
The government can help solve the information asymmetry problem by:
A. making it illegal to complete a transaction without complete information. B. requiring the more informed party to not use the imbalance to their advantage. C. providing the missing information to the less-informed party. D. All of these statements are true.
An increase in the value of one currency relative to another is referred to as:
A. Currency appreciation. B. Currency depreciation. C. Terms of trade. D. Comparative advantage.