The economies of North Korea and Cuba are:
A. Similar in that they are both basically command systems
B. Similar in that they are both basically market systems
C. Different in that North Korea has a command system while Cuba has a market system
D. Different in that Cuba has a command system while North Korea has a market system
Answer: A
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If the opportunity cost of a television set equals 20 cameras in China, but 10 cameras in Japan, then we know
a. all of the following b. that China has a comparative advantage in producing cameras c. that Japan has a comparative advantage in producing TV sets d. that Japan may well have an absolute disadvantage in producing both goods e. that market exchange of 1 TV set for 15 cameras would produce not only mutually beneficial trade, but would also split the gains from trade equally between the two countries
If people voluntarily bring their recyclable materials to a recycling center, these materials reduce landfill space, reduce the need for virgin material extraction, and provide an inexpensive input in many production processes. This results in
a. an increase in the externalities associated with producing goods b. mandatory recycling c. an increase in private costs of producing goods d. a narrowing of the gap between private and social costs of producing goods
Which of the following is a driving force underlying economic growth?
What will be an ideal response?
In order to estimate the current annual GDP, economists:
A. multiply the quarterly estimate by four. B. take an average of the last four quarters measured. C. adjust quarterly GDP estimates to account for seasonal patterns. D. adjust it for changes in price level.