Assuming a competitive world, does your country have an absolute advantage in making pizza? You can get your answer by
a. observing if your country makes more pizza than any other country
b. calculating the costs of pizza ingredients in your country
c. comparing pizza prices in other countries
d. calculating the opportunity cost of a pizza in your country
e. looking at your country's terms of trade
C
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The aggregate supply curve will shift to the right when the:
a. amount of labor in the society decreases. b. capital stock of the society shrinks. c. amount of natural resources in the society gets smaller. d. amount of labor in the society increases. e. price level in the economy rises.
The Fed buys $1 million in bonds from a bond dealer. The bond dealer's bank experiences
A. an increase in assets of $1 million as its reserves increase and a decrease in liabilities as its transactions deposits fall. B. a decrease in assets of $1 million as the checking account of the bond dealer increased, and a decrease in liabilities as the bank's deposits with the Fed increased by $1 million. C. an increase in assets of $1 million as its reserves increase and an increase in liabilities of $1 million as the deposits in the bond dealer's transactions account increases by $1 million. D. no change in assets or liabilities. Assets both increased and decreased by the amount of the check.
The contributive standard of income distribution is met by
A. setting wages according to marginal productivity. B. having the government determine all wages. C. using local committees to determine the needs of families in the area. D. having a highly progressive income tax.
The question "Is the U.S tax system disproportionate enough?" is a ________ question, and the question "How would higher taxes make the rich behave?" is a ________ question
A) normative; normative B) normative; positive C) positive; normative D) positive; positive