In economics, the term "autonomous" means
A) disposable income. B) non-economic related.
C) existing independently. D) cash payments.
C
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Productivity per worker has increased in the past primarily through
a. hiring more teenagers. b. hiring more women. c. medical benefits. d. technological development.
It is widely believed that the Federal Reserve's most important function is
A) to provide loans to the federal government. B) to regulate the money supply. C) to set the legal, controlled consumer interest rates. D) to lend to risky customers.
If the price of good X (measured on the horizontal axis of a budget line diagram) increases at the same time that the price of good Y (measured on the vertical axis) decreases, the budget line
a. will become flatter b. will become steeper c. could become either steeper or flatter, depending on the sizes of the price changes d. will rotate about its original point of intersection with the horizontal axis e. will shift outward, but not in a parallel fashion
Suppose that labor is the only productive resource needed. Scotland has a comparative advantage in producing firewood, while Iceland has a comparative advantage in producing wool. If the two nations trade with each other,
A. Scotland should export wool and Iceland should export firewood. B. Scotland should export both wool and firewood. C. Scotland should export firewood and Iceland should export wool. D. Iceland should export both wool and firewood.