The reason why consumers may not fight back against trade policy, even though they may be the biggest losers from trade, is because it is easier to organize a ______ group of people around a narrow interest versus a ______ group that has diffuse interests.
a. small; small
b. large; large
c. small; large
d. large; large
c. small; large
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What is the opportunity cost of economic growth?
A) current period consumption goods B) land C) current period capital goods D) both current period consumption and capital goods E) both current period capital goods and land
An economy is an organization that produces goods and services and then allocates those goods and services to its members
Indicate whether the statement is true or false
In the last few decades, income inequality in the United States has ___________ mostly because of the ____________
A. increased; poor getting poorer. B. increased; gains by the rich. C. decreased; gains by the poor. D. decreased; stagnation by the economy in general.
Accounting profit is usually larger than economic profit
a. True b. False Indicate whether the statement is true or false