Any basket of goods that is missing food and energy items is:
A. missing a large portion of consumption.
B. missing a small portion of a typical consumer's basket.
C. a useless calculation.
D. called the retail sales index.
A. missing a large portion of consumption.
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In an open economy with a given level of real interest rates and risk, an increase in real interest rates abroad will ________ capital inflows and ________ the equilibrium domestic real interest rate.
A. increase; decrease B. increase; increase C. decrease; increase D. decrease; decrease
Most U.S. redistribution occurs from _____
a. high-income individuals to low-income individuals b. middle-income individuals to low-income individuals c. middle-income individuals to middle-income individuals d. low-income individuals to middle-income individuals
What is the difference between socialism and communism? What are some examples of countries that are largely socialistic and some that are communistic?
In drawing a straight-line production possibilities curve for an economy that produces oil and corn, we assume that resources (for example, the number of labor hours)
a. are fixed b. increase at a constant rate c. increase at an increasing rate d. increase at a decreasing rate e. are not uniform, such as a variety of skills and quality of work