Assuming the inner curve is the United States' current production possibilities frontier, which of the following points would eventually lead to the greatest level of economic growth?
A. Point J
B. Point N
C. Point K
D. Point P
A. Point J
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Over the period from 1971 to 2012, the U.S. Gini ratio for household income ________, which means income inequality in the United States ________
A) increased; increased B) increased; decreased C) decreased; increased D) decreased; decreased
Which of the following empirical studies cast the most doubt on the Heckscher-Ohlin model?
A) the study by Wassily Leontief B) the study by Bowen, Leamer, and Sveikauskas C) the study by David Ricardo D) the study by Adam Smith E) the study by Davis and Weinstein
Which of the following is FALSE?
a. To reduce cannibalization among products, reposition a product so that it does not directly compete with the other b. After acquiring a substitute product, lower prices on both the products c. After acquiring a complementary product, lower prices on both the products d. All of the above
The Consumer Price Index (CPI)
a. measures the prices of all goods produced in the economy b. includes prices of raw materials c. is found by averaging the prices of all goods consumed in the economy d. includes only the prices of domestically produced consumer goods e. includes the prices of some used consumer goods