The concepts of comparative advantage, specialization, and trade form a compelling argument in favor of:
A. self-sufficiency.
B. protectionism.
C. only exporting goods and not importing goods.
D. free trade.
Answer: D
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One argument offered by economists for having a Social Security system is that if there were no Social Security, workers might
A. overestimate the value of retirement. B. save too much. C. work too long. D. not fully comprehend how hard it might be to continue working into their 70s.
The prime rate is the interest rate at which banks can borrow from the Fed
Indicate whether the statement is true or false
Under second degree price discrimination, the average price per unit paid by high demand consumers is not equal to marginal willingness to pay for one additional unit.
Answer the following statement true (T) or false (F)
In 2003, the per-capita income in China was roughly ________ of that in the U.S
A) one hundredth B) one eighth C) one half D) the same as E) one twentieth