A change in which of the following variables will have no direct effect on domestic demand?
A) domestic income
B) foreign income
C) government spending
D) the interest rate (r)
E) none of the above
B
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The fact that resources tend to be specialized is one reason the production possibilities frontier is drawn
A. bowed outward. B. bowed inward. C. as a straight line (but not horizontal). D. as a horizontal straight line.
Which of the following may be used by a plumber's union or a medical professional association to restrict membership?
a. all of the following are correct b. long apprenticeship periods c. difficult qualification exams d. stringent education standards e. high initiation fees
When a tax is placed on the sellers of energy drinks, the
a. sellers bear the entire burden of the tax. b. buyers bear the entire burden of the tax. c. burden of the tax will be always be equally divided between the buyers and the sellers. d. burden of the tax will be shared by the buyers and the sellers, but the division of the burden is not always equal.
Labor strikes are a significant cause of lost production.
Answer the following statement true (T) or false (F)