Central planning is the principal method for making economic decisions in:
A.) The United States.
B.) Singapore.
C.) New Zealand.
D.) North Korea.
D.) North Korea.
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When politicians debated the North American Free Trade Agreement (NAFTA), some told stories of U.S. workers whose jobs would be moved to Mexico. Which of the following arguments in favor of protection was being used?
A) Save domestic jobs argument B) National security argument C) Anti-dumping argument D) Infant-industry argument E) Diversity and stability argument
Labor growth depends mainly on ________ and labor productivity growth depends mainly on ________
A) population growth; increases in real GDP B) population growth; technological advances C) growth in real GDP per person; growth rate of capital D) growth in real GDP per person; technological advances
According to real business cycle models,
A) the economy is normally at potential GDP. B) unexpected changes in monetary policy are the major source of fluctuations in real GDP. C) the long-run Phillips curve is negatively sloped. D) the economy is normally operating below the natural rate of unemployment.
Which of the following statements about economic resources is false?
A) Economic resources are also called factors of production. B) Economic resources include financial capital and money. C) Economic resources are used to produce goods and services. D) Some economic resources are human-made while others are found in nature.