The sum of payments made to resource owners for the use of their resources is
a. Gross Domestic Product
b. Net Domestic Product
c. National Income
d. Personal Income
e. Disposable Income
C
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Your roommate Hansen argues that American producers cannot compete with foreign producers because wages are lower in foreign countries than in the United States. Hansen
A) is incorrect. Free trade raises living standards by increasing economic efficiency. B) is advancing the anti-dumping argument for protectionism. C) is correct in arguing that the high wages of U.S. workers make it impossible to compete with workers in low-wage countries. D) is right in asserting the need to protect high wages if the United States wishes to maintain its high standard of living.
Which of the following is an example of a good with a highly elastic supply curve?
a. luxury goods b. tropical vacations c. pizza d. sports vehicles
Splitting money across different investments (diversification) reduces risk but also reduces the rate of return, according to the risk-return principle.
Answer the following statement true (T) or false (F)
Efficient financial institutions foster the flow of:
A. Saving and investment B. Spending and income C. Resources and products D. Inventions and ideas