International trade that is not encumbered by government restrictions is called
a. free trade
b. protectionist
c. terms of trade
d. comparative advantage trade
e. absolute advantage trade
A
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The per-worker production function is ________
A) upward-sloping B) downward-sloping C) vertical D) horizontal
A major difference between a partnership and proprietorship is that with a partnership,
a. the liability for each individual is limited by the wealth of the others b. the liability for each partner is proportionate to his or her investment c. profits increase with each new partner d. the business has greater investment resources than proprietorships e. only the shareholders face losses
The crowding-in effect depends on the sensitivity of investment to
a. GDP, as does the crowding-out effect. b. interest rates, whereas the crowding-out effect depends on the sensitivity of investment to GDP. c. interest rates, as does the crowding-out effect. d. GDP, whereas the crowding-out effect depends on the sensitivity of investment to interest rates.
Refer to the accompanying figure.
Based on the figure, if autonomous spending increases from 400 to 600, then the new short-run equilibrium output will equal:
A. 600. B. 800. C. 1,200. D. 400.