Economists now tend to believe that the most productive approach to ending poverty is to
a. make more and better education available
b. make sure there is a job for everyone
c. provide subsidies to people who earn less than a poverty-level wage
d. provide subsidies to businesses to hire poor people
e. none of the above
A
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When people are educated, they become:
A. more productive to society, because they have more skills to apply to a job. B. less productive to society, because they stop working while in school. C. less productive to society, because they require higher pay per hour. D. more productive to society, because they are paid more.
Which of the following is an example of automatic fiscal policy?
A) The government deliberately raises taxes. B) The government deliberately lowers taxes. C) The government deliberately increases spending. D) The government deliberately decreases spending. E) none of the above
Purchases of foreign assets by U.S. residents are tabulated in the U.S. balance of payments as a:
A. capital inflow. B. capital outflow. C. current account outflow. D. unilateral transfer.
The importance of the production possibilities curve is that it shows the different combinations of goods and services that a society can produce: (check all that apply)
a. efficiently. b. given a fixed amount of resources. c. given a fixed state of technology. d. given an unlimited amount of resources. e. when marginal benefit equals marginal cost. f. in a fully employed economy.