If you have a comparative advantage in a particular task, then:
A. you give up less to accomplish that task than do others.
B. you have specialized in that task, while others have not.
C. you complete it faster than other people.
D. you give up more to accomplish that task than do others.
Answer: A
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An increase in taxes will ________ consumption spending, and a decrease in transfer payments will ________ consumption spending
A) decrease; increase B) decrease; decrease C) increase; decrease D) increase; increase
The RBV perspective locates the source of competitive advantage for a firm at the
a. Individual firm level b. Industry level c. Customer Level d. None of the above
An inefficient use of resources can be illustrated using a production possibilities curve as: a. a movement to the northeast along the curve
b. a movement to the southeast along the curve. c. a movement off the curve in a northeast direction. d. a movement off the curve in a southwest direction.
Under which of the following conditions will the actual rate of unemployment tend to rise above the natural rate of unemployment?
a. Prices are stable and have been for the last four years. b. Inflation is 3 percent and was widely anticipated more than a year ago. c. Expansionary monetary policies lead to an unexpected increase in inflation from 3 percent to 7 percent. d. Restrictive monetary policies lead to an unexpected reduction in inflation from 6 percent to 2 percent.