Adam Smith
a. and David Ricardo both opposed free trade
b. opposed free trade, but David Ricardo supported it
c. supported free trade, but David Ricardo opposed it
d. and David Ricardo both supported free trade
Ans: d. and David Ricardo both supported free trade
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Government purchases in national income accounts would include payments for ________.
A. unemployment benefits B. salaries for current U.S. military officers C. public assistance for welfare recipients D. Social Security checks to retirees
If an economy is experiencing both full employment and price stability, within the Keynesian model, a major tax reduction probably would cause
a. an increase in unemployment in the near future. b. an increase in the general level of prices unless government expenditures are also reduced. c. an increase in the interest rate since individuals will reduce their savings in response to the tax cut. d. a decrease in consumption unless the expected budget deficit is financed by selling bonds to foreigners.
According to Robert Solow, the production function should be written as:
A. Y = F(K, L). B. Y = F(K, L, A). C. Y = F(K, A). D. Y = F(A, L).
In the presence of negative externalities, ________ is produced and in the presence of positive externalities, ________ is produced.
A. too much of the good; the right amount of the good B. the right amount of the good; too little of the good C. too little of the good; too much of the good D. too much of the good; too little of the good