Mandatory controls on economic activity would
A. limit economic growth possibilities.
B. prevent the economy from achieving potential GDP.
C. reduce the amount of poverty.
D. increase potential GDP.
Answer: A
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In which countries are incomes distributed most unequally and least unequally?
What will be an ideal response?
The law of comparative advantage implies that a nation, individual, or region should produce those economic goods for which it
a. has an absolute advantage. b. is a low opportunity cost producer. c. is a high opportunity cost producer. d. pays the highest wage rate.
Which group has the highest poverty rate from among these groups?
A. Children under 18 B. Persons over 65 C. White males D. Members of working class families
Refer to the information provided in Figure 6.1 below to answer the question(s) that follow.
Figure 6.1Refer to Figure 6.1. The slope of budget constraint AC is
A. -5.0. B. -2.0. C. -0.5. D. indeterminate from this information because prices are not given.