Which of the following is NOT a factor of production?
A. labor
B. land
C. entrepreneurship
D. a product
Answer: D
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If an import-competing firm is the only domestic producer of a good, then a transition from autarky to free trade will ________ domestic price, ________ producer surplus, ________ consumer surplus, and ________ overall domestic national welfare
A) decrease; decrease; increase; increase B) increase; increase; increase; increase C) decrease; decrease; decrease; decrease D) increase; increase; decrease; decrease E) increase; increase; decrease; increase
All of these allow a firm to differentiate its product, except
a. Product branding b. Reducing quality c. Advertising d. Limiting availability
The purchasing power of the average person in the world today is:
A. more than 30 times as high as it was 200 years ago. B. more than 20 times as high as it was 300 years ago. C. is about the same as it has been during the last two centuries. D. has increased steadily over the last two centuries.
Following are the controversies over how poverty should be measured, except:
a. government transfers and other programs are not properly taken into account in the measures of poverty. b. the poverty measures do not distinguish among the needs of different individuals. c. the concept of poverty line does not draw any distinction between income and purchasing power. d. the concept of poverty line does not take into account the expenditure on food by each family. e. the income generated in the underground economy are not taken into account.