Which of the following statements is true?
a. Money must be relatively "scarce" if it is to have value.
b. Money must be divisible and portable.
c. M1 is the narrowest definition of money.
d. All of these.
d
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In an economy in which labor is mobile and homogeneous, the wages between industries:
a. will be equal. b. will be very unequal. c. will be less in the export industry. d. will be unequal because in some firms the management is more fair to its workers.
The figure below shows the production-possibility curves of Canada (AB) and the rest of the world (CD). I1 and I2 are community indifference curves for Canada and the rest of the world. In the absence of trade, Canada consumes ________ bales of cotton and ________ bushels of wheat.
A. twenty; six B. twelve; eleven C. sixteen; six D. twenty; three
If the wage rate decreases, the substitution effect is for a person to work more and the income effect is for a person to take more leisure.
Answer the following statement true (T) or false (F)
Which of the following is not a reason for the establishment of intergovernmental transfer programs?
a. Higher level governments want to encourage lower governments to undertake certain programs. b. Taxes are harder to avoid at higher levels of government. c. To provide for national defense resources utilized at the local level. d. Equalization of resources between richer and poorer localities