According to the theory of ________, specialization and free trade will benefit all trade partners, even when some are absolutely more efficient producers than others.
A. social equity
B. comparative advantage
C. laissez-faire
D. absolute advantage
Answer: B
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The general public disapproved of key features of the 1996 welfare legislation
Indicate whether the statement is true or false
Exports account for what percent of GDP in the United States?
a. 2 percent b. 5 percent c. 11 percent d. 15 percent e. 20 percent
The classical economists argued that the production of goods and services (supply) generates an equal amount of total income and, in turn, total spending. This theory is called:
a. Keynes' General Theory. b. Say's Law. c. the "animal spirits" theory. d. the law of autonomous consumption.
The labor market for ultrasound technicians in Cleveland is initially in equilibrium. Which of the following would lead to a lower wage rate and higher employment in that market?
a. a drop in demand for diagnostic services at Cleveland hospitals b. a drop in the price of ultrasound equipment c. an increase in the length of training required for ultrasound technicians d. a shift in potential workers' tastes away from hospital and clinical work e. a wage decrease for ultrasound technicians in nearby cities